Revised CMS Lock Policy
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|
- 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)
Please contact your Account Executive or Account Manager with any questions.
Carrington thanks you for your business.