Presidents Day Holiday – Lock Desk Hours and Key Compliance Dates

February 3, 2021rashtonBulletin

Overview

The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, February 15, 2021 for Presidents Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, February 16, 2021.

Rate Locks that expire on the holiday will automatically roll to the next business day.  In addition there are some important disclosure considerations associated with the holiday:

  • Monday February 15, 2021 cannot be included in the rescission period for refinance transactions.
  • Monday February 15, 2021 cannot be included in the seven (7) business day waiting period between the between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the LE is required, Monday February 15, 2021 cannot be included in the three (3) day business waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, Monday February 15, 2021 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Contacts

With a full spectrum of products, many of which have seen recent price improvements, including Non-QM Jumbo, Self-Employed Bank Statement programs, and all things Government, please contact your Account Executive or Account Manager with any questions.

Carrington thanks you for your business.