Revised CMS Lock Policy

March 19, 2020rashtonBulletin, News

Overview

Due to current market conditions, effective March 20, 2020 and until further notice, Carrington Mortgage Services, LLC (CMS) will temporarily no longer permit a lock until the loan is Approved and the appraisal (where applicable) has been received by CMS.  Please see revised lock policy below.

Loan Type Available Lock Terms Additional Requirements
Non-QM Loans 45-days Loan must be Approved with appraisal in file
Conventional Full Document Loans 45-days, 60-days Loan must be Approved with appraisal in file
Government Full Document Loans 45-days, 60-days Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt)
Government Streamline/IRRRL 45-days, 60-days Loan must be Approved

Lock Extensions:

  • Maximum of up to two extensions
  • Maximum extension period of 15 days in the aggregate
  • Current extension fee charges remain in place (see rate sheet)

Contacts

Please contact your Account Executive or Account Manager with any questions.

Carrington thanks you for your business.