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FICO Less than 620 Requires Borrower Paid Compensation

April 9, 2020


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.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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