Latest News Author: Rodney Ashton

During the holiday season Carrington Mortgage Services, LLC (CMS) will observe the following schedule: Friday, December 22, 2017 – MLD open regular business hours Monday, December 25, 2017 – Closed for the Christmas holiday Monday, January 1, 2018 – Closed for New Year’s Day holiday The Lock Desk will be closed December 25, 2017 and […]

Overview The state of Texas has amended its rules regarding Home Equity Refinances (TX 50(a)(6) loans) effective 1/1/2018. As of 1/1/2018, Borrowers with existing home equity loans are now able to refinance their loans as either a Home Equity loan or a Rate and Term refinance. The prior law that stated, “once a home equity […]

Overview Effective for FHA Case Numbers assigned on and after January 6, 2018, properties encumbered with Property Assessed Clean Energy (PACE) obligations will no longer be eligible for FHA-insured financing. PACE loans are made through government-sponsored programs to finance energy efficient upgrades and installations and where repayment is made through special tax-like property assessments. Below […]

Carrington Mortgage Services, LLC (CMS) is pleased to announce the addition of a new appraisal vendor, Accelerated Appraisal Group, effective November 29, 2017. Accelerated Appraisal Group is an AMC that specializes in the state of California and covers every county. As of the effective date, Accelerated Appraisal Group will be approved for the Wholesale Channel […]

Effective December 4, 2017, Carrington Mortgage Services will no longer accept broker-disclosed submissions that do not include the $399 underwriting fee ($99 in North Carolina) on their initial Loan Estimate. New Jersey loans are exempted, as the lender is not permitted to charge an Underwriting Fee. If the loan was pre-locked with the Underwriting Fee […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Thursday, November 23, 2017 and Friday, November 24, 2017 in observance of Thanksgiving, which is a federal holiday. Due to the holiday, the Lock Desk will be closing early on Wednesday, November 22, 2017 at 11:00 AM PST (early market closure of […]

Great News! The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be open Friday, November 10, 2017 for normal Lock Desk hours. Because Veteran’s Day, November 11, 2017, which is a Federal Holiday, falls on a weekend this year there are some important disclosure considerations associated with the holiday: Friday, November 10, 2017 is […]

Effective January 1, 2018, the Home Mortgage Disclosure Act (HMDA) requirements for collecting information regarding the ethnicity and race of applicants will be expanded.  To collect the applicant information, a new loan document, the Demographic Information (DI) Addendum to the 1003 has been created and will be a required document beginning January 1, 2018. Lenders […]

Carrington may assist borrowers in Presidentially-designated disaster areas through the government’s FHA 203h loan program. HIGHLIGHTS OF THE PROGRAM • Minimum 500 FICO • 100% financing on purchases for homeowners or renters whose homes were destroyed • Refinance available for those whose homes are not destroyed but would like to refurbish (Restrictions apply) • Previous residence must […]

Overview Due to recent wildfires in California, FEMA has declared the following county a disaster. Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due to a property inspection waiver or product type, an inspection report is still […]