Changes to CMS Submission Acceptance Process

April 16, 2020rashtonBulletin

Overview

Effective April 16, 2020, Carrington Mortgage Services, LLC (CMS) will implement the following temporary changes to our wholesale submission acceptance until further notice:

  • Suspending all skinny package loan submission options. All new submissions are required to submit all of the “submission to underwriting” requirements prior to the file being accepted and disclosed.
  • Allowing broker disclosed loan submissions

Lender Disclosed Loan Submissions:

Skinny packages (1003 w/ DI addendum, Fee Sheet, Credit Report) are no longer permitted until further notice.  Brokers must submit a full “submission to underwriting” package (1003 w/ DI addendum, Fee Sheet, Credit Report, Income, Assets if applicable, Purchase Contract if applicable, and State Disclosures if applicable)

Please note: CMS will issue all state required disclosures with the exception of Loan Origination Agreements, Advanced Fee Agreements, and Pre-Application Agreements.

Broker Disclosed Loan Submissions:

Brokers must submit a full “submission to underwriting” package (1003 w/ DI Addendum, Full Initial Disclosure Package signed and dated by borrower(s), Credit Report, Income, Assets, Purchase Contract, Loan Origination Agreement, if applicable, Advanced Fee Agreement, if applicable, Pre-Application Agreement, if applicable and all Applicable State Required Disclosures)

Please note: CMS will issue state disclosures with the exception of Loan Origination Agreements, Advanced Fee Agreements, and Pre-Application Agreements.

Contacts

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

Carrington thanks you for your business.