Latest News Author: Rodney Ashton

Overview Carrington Mortgage Services, LLC (CMS) is pleased to introduce new 1099 and P&L products for the Non-QM (Carrington Prime Advantage and Carrington Flexible Advantage Plus) programs. The underwriting guideline updates are highlighted in red below and please note these are an abbreviated summary of the guideline changes. All updates should be viewed within the […]

Overview Effective April 18, 2022, Carrington Mortgage Services, LLC (CMS) is pleased to announce an Investor Advantage program enhancement to increase the maximum LTV to 75% for First Time Investors with higher FICO scores. The maximum LTV requirements for First Time Investors are outlined below: Maximum LTV = 75% with FICO ≥ 680 and DSCR ≥ […]

Overview In observance of Good Friday, the Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, April 15, 2022. Normal Lock Desk hours will resume on Monday, April 18, 2022. As a reminder, pursuant to the Lock Policy all lock extensions must be requested prior to expiration. If a lock expires on Friday, […]

We’re helping you take the reins this purchase season with 25 bps off on FHA and VA purchase loans that are locked in from 4/1 to 4/30. With us on your side, we can help you close purchase loans faster with dedicated support every step of the way.And don't forget: We are manual underwriting experts FICOs […]

Overview Effective March 21, 2022, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following enhancements for the Investor Advantage loan program: Increased Maximum LTV from 82.50% to 85% for the 700 FICO band with loan amounts up to $1,000,000. Increased the permitted interested party Seller Contributions from 2% to 4% toward closing. Gift […]

“Maria is a true non-QM specialist,” says Jeff Massotti, Director, Regional Sales, Wholesale for CMS. “She knows how to custom fit her clients into the best programs for their borrowers. Her attention and knowledge to the guidelines, and ability to maneuver within the non-QM suite of products, speaks to her daily effectiveness and success. She […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, February 21, 2022 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 22, 2022. Rate Locks that expire on the holiday will automatically roll to the next business day.  In […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce a new VA Cash-Out Refinance option up to 100% LTV. The increased VA Cash-Out LTV option is subject to the following requirements: Effective for new submissions or Change of Circumstance (COC) requests on existing submissions beginning January 31, 2022, Maximum 100% LTV/CLTV, inclusive of any […]

Overview Due to severe storms, straight-line winds, and tornadoes in Tennessee, FEMA has declared the following counties a disaster. Incident Period: December 10, 2021 - December 11, 2021 State FEMA Disaster Declaration Counties Tennessee January 14, 2022 Cheatham, Davidson, Dickson, Gibson, Henderson, Henry, Lake, Obion, Stewart, Sumner, Weakley and Wilson Re-Inspection by Product Type If […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed Monday, January 17, 2022, for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 18, 2022. Rate Locks that expire on the holiday will automatically roll to the next business […]