Latest News Author: Rodney Ashton

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, May 29, 2023 for Memorial Day, which is a Federal Holiday.  Normal lock hours will resume on Tuesday, May 30, 2023. Additionally, the Lock Desk will close early on Friday, May 26, 2023 at 11:00 A.M. PST […]

Overview Due to severe storms, straight-line winds and tornadoes in Oklahoma, FEMA has declared the following counties a disaster. Updated county is listed in bold. Incident Period: April 19, 2023 - April 20, 2023 State FEMA Disaster Declaration Counties Oklahoma April 24, 2023 Cleveland, McClain and Pottawatomie Re-Inspection by Product Type If your loan is […]

Overview The London Interbank Offered Rate (LIBOR) is being discontinued as an approved index for adjustable interest rate mortgages (ARMs), and will be replaced with the Secured Overnight Financing Rate (SOFR) as an approved index for ARM loans. In anticipation of the transition, effective May 8, 2023, Carrington Mortgage Services, LLC (CMS) will implement the […]

Overview Due to severe winter storms, straight-line winds, flooding, landslides and mudslides in California, FEMA has declared the following counties a disaster. Updated counties are listed in bold. Incident Period: February 21, 2023 and Continuing State FEMA Disaster Declaration Counties California 4/4/2023 Kern, Madera, Mariposa, Mendocino, Mono, Monterey, San Benito, San Bernardino, Santa Cruz, Tulare […]

Overview Due to a severe storm, straight-line winds, and tornadoes in Mississippi, FEMA has declared the following counties a disaster. Incident Period: March 24, 2023 - March 25, 2023 State FEMA Disaster Declaration Counties Mississippi 3/26/2023 Carroll, Humphreys, Monroe and Sharkey Re-Inspection by Product Type If your loan is … A re-inspection is required … […]

Overview Due to Hurricane Ian in South Carolina, FEMA has declared the following counties a disaster. Incident Period: September 25, 2022 - October 4, 2022 State FEMA Disaster Declaration Counties South Carolina November 21, 2022 Charleston, Georgetown and Horry Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these […]

Overview Carrington Mortgage Services (CMS) offices, including the Lock Desk, will be closed Thursday, November 24, 2022 and Friday, November 25, 2022 in observance of Thanksgiving, which is a federal holiday.  Due to the holiday, the Lock Desk will be closing early on Wednesday, November 23, 2022 at 11:00 AM PST (early market closure of […]

Overview Effective for all loan submissions received on and after January 1, 2023, Carrington Mortgage Services, LLC (CMS) will implement the following Wholesale fee schedule. The new CMS Underwriting Fees are highlighted in BLUE below: Loan Product Underwriting Fee* Underwriting Fee* with ProcessIQ Non-Agency $900 $1100 Conventional $799 $999 FHA $799 $999 VA $799 $999 […]

Overview 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 […]