Latest News Author: backerman

Monday September 3, 2012 is Labor Day and is a Federal Holiday. Carrington Mortgage Services and the Lock Desk will be closed. Carrington Mortgage Services will be closing early on Friday August 31, 2012 and the Lock Desk will be closing at 1:00 PST and will be closed on Monday September 3, 2012.

Labor Day Hours Monday September 3, 2012 is Labor Day and is a Federal Holiday. CMS Mortgage Lending and the Lock Desk will be closed. On Friday August 31, 2012 CMS Mortgage Lending will be closing at 2:00 PM PST with the Lock Desk closing at 1:00 PM PST. Download: Bulletin - #W1269 (PDF)

Updates for Flagstar Conventional loans for the departure of current residence. This bulletin announces updates for Flagstar Conventional loans for the departure of current residence. Download: Bulletin - #W1268 (PDF)

Changes to Loan Terms and Underwriting Review Requirements The purpose of this bulletin is to remind Associates of the procedure when there are changes to loan terms after the file has been Cleared-to-Close (CTC). This is especially important if changes are made to the final loan terms. Download: Bulletin - #W1266 (PDF)

Effective Wednesday, August 1st, two additional changes to the FHA Streamline product only will go into effect; - Carrington’s Lender Fee will increase to $499.00 - Max Price Cap will increase 50 bps from (4.25) to (4.75) which includes broker compensation.

The Federal Housing Administration has eliminated their own new rule aimed at consumers with even fairly minor “collections debt.” The new rule, which would have gone into effect July 1, required potential borrowers to settle any disputed debts totaling $1,000 or more before the FHA would consider backing their mortgage. The rule originated as part […]

Now Through 6/10/2012 As announced in FHA ML 12-04—Effective for case numbers assigned on/after 6/11/12 for streamline refinance transactions of FHA loans endorsed on/before 5/31/09: Decrease to Up Front MIP: Up Front MIP = 0.01 of the base loan amount. Decrease to Annual MIP: Annual MIP = 55 bps, regardless of loan amount. Submit Early […]

Borrowers now need to resolve even minor disputes with their creditors before expecting the Federal Housing Administration to insure their loan. As of April 1, the FHA will no longer consider insuring a mortgage to any potential borrower with ongoing credit disputes totaling more than $1,000. Prior to the new rule, individual underwriters and lenders […]