Revised CMS Lock Policy

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.