Updated CMS Lock Policy

June 19, 2020

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder, CMS generally offers 15-day, 30-day, 45-day, and 60-day lock terms. Lock terms and requirements may vary by loan product and state -- see rate sheets for details. The standard minimum lock terms outlined below.

	Conventional	Government Streamline	Government Full Doc
Milestone	Minimum LockTerm	Minimum LockTerm	Minimum LockTerm
Started	45	30	45
Disclose Ready	45	30	45
Processing	45	30	45
Submittal	30	30	30
Decision	30	30	30
Approval	30	15	30
Final Conditions In	15	15	15
Clear to Close	15	15	15

Lock Extensions:

Maximum of up to two extensions
Maximum extension period of 15 days in the aggregate
Current extension fee charges remain in place (see rate sheet)
Free 3 day remains in place (existing policy applies)
No additional concessions will be considered for extension fees charged

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Please contact an Account Executive with any questions.
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Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5

VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.

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An Equal Housing Opportunity Lender. Copyright 2007 - 2023 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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

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