Effective November 3, 2022, Carrington Mortgage Services, LLC (CMS) will begin charging a new Closing Fee on Iowa Wholesale loan file submissions. Formerly, CMS did not charge Lender fees in Iowa for Wholesale loans; therefore, it is very important to ensure the new fee is specifically listed as Closing Fee in order to disclose the fee correctly on the loan documents.
The new Iowa Closing Fee uses following fee schedule:
|Loan Type and State||Underwriting Fee*||Underwriting Fee*
|Wholesale – Conforming/Government||$699||$899|
|Wholesale – Non-Agency||$750||$950|
*The Wholesale Underwriting Fee can be “bought out” and moved into pricing instead of charging directly to borrower.
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