Conventional Refinance Pricing Update

August 13, 2020

Overview

Due to current market conditions, Fannie Mae and Freddie Mac announced that effective September 1, 2020, they will begin charging an additional 50-basis point Loan Level Pricing Adjustment (LLPA) for all conventional refinance transactions (rate/term and cash-out).
Starting August 13, 2020 Carrington Mortgage Services, LLC (CMS) will update our pricing to discontinue the debt-to-income (DTI) overlay on all cash-out refinance transactions and add the 50-basis point LLPA for all refinance transactions (rate/term and cash-out) as referred to in the paragraph above. Please refer to the CMS Rate Sheets for additional pricing information.
Please note: The LLPA is in ADDITION to any other price adjustments that are otherwise applicable. For loans that are already locked, the pricing will remain unchanged and any rate changes requested will use the rate sheet pricing in effect at the time of lock.

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 - 2024 . 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.

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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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