Effective immediately, Carrington Mortgage Services, LLC (CMS) will require Borrower Paid Compensation for FHA and USDA Full Documentation loan submissions with FICO scores less than 620. CMS will hold loans in loan set-up until the Broker supplies a Borrower Paid Fee Sheet, and then will proceed to disclosures. This requirement is in response to the high number of QM fails associated with Lender Paid Compensation, typically for discount points exceeding bona-fide limits.
As market conditions change, CMS will re-evaluate this requirement.
Please contact your Account Executive or Account Manager with any questions.
Carrington thanks you for your business.
Contact your Account Executive with questions.
The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.
Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00