Hurricane Sally Closing/Funding Suspension

September 16, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is monitoring the impact of the Hurricane Sally until FEMA formally declares which areas will require re-inspections.  Until FEMA posts declared counties, CMS will be suspending closing/funding of loans in the key counties and zip codes listed below.

States

State Counties Zip Codes
Alabama All All
Georgia All All
South Carolina All All
North Carolina All All

Florida Panhandle

State Counties Zip Codes
Florida Bay 32401, 32402, 32403, 32404, 32405, 32406, 32407, 32408, 32409, 32410, 32411, 32412, 32413, 32417, 32438, 32444, 32466
Calhoun 32421, 32424, 32430, 32449
Escambia 32501, 32502, 32503, 32504, 32505, 32506, 32507, 32508, 32509, 32511, 32512, 32513, 32514, 32516, 32520, 32521, 32522, 32523, 32524, 32526, 32533, 32534, 32535, 32559, 32560, 32568, 32577, 32591
Franklin 32320, 32322, 32323, 32328, 32329
Gadsden 32324, 32330, 32332, 32333, 32343, 32351, 32352, 32353
Gulf 32456, 32457, 32465
Holmes 32425, 32452, 32455, 32464
Jackson 32420, 32423, 32426, 32431, 32432, 32440, 32442, 32443, 32445, 32446, 32447, 32448, 32460
Jefferson 32336, 32337, 32344, 32345, 32361
Florida Leon 32301, 32302, 32303, 32304, 32305, 32306, 32307, 32308, 32309, 32310, 32311, 32312, 32313, 32314, 32315, 32316, 32317, 32318, 32362, 32395, 32399
Liberty 32321, 32334, 32335, 32360
Madison 32059, 32331, 32340, 32341, 32350
Okaloosa 32531, 32536, 32537, 32539, 32540, 32541, 32542, 32544, 32547, 32548, 32549, 32564, 32567, 32569, 32578, 32579, 32580, 32588
Santa Rosa 32530, 32561, 32561, 32562, 32563, 32565, 32566, 32570, 32571, 32572, 32583
Taylor 32347, 32348, 32356, 32357, 32359
Wakulla 32326, 32327, 32346, 32355, 32358
Walton 32422, 32433, 32434, 32435, 32439, 32459, 32461, 32538, 32550
Washington 32427, 32428, 32437, 32462, 32463

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for California

September 14, 2020rashtonBulletin

Overview

Due to California wildfires, FEMA has declared the following counties a disaster. Updated counties are shown in bold.

Incident Period: August 14, 2020 and continuing

State FEMA Disaster Declaration Counties
California August 22, 2020 Butte, Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma and Yolo

Please note:

  • If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
  • If an appraisal was not required due to a property inspection waiver (PIW) or product type (i.e., Conventional loan with PIW), an inspection report may still be required.
  • When product-specific requirements apply, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for Louisiana

September 14, 2020rashtonBulletin

Overview

Due to Hurricane Laura in Louisiana, FEMA has declared the following counties (parishes) a disaster. Additional FEMA declared counties are shown in bold.

Incident Period: August 22, 2020 – August 27, 2020

State FEMA Disaster Declaration Counties
Louisiana August 28, 2020 Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, St. Landry, Union, Vermilion, Vernon and Winn

Please note:

  • If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
  • If an appraisal was not required due to a property inspection waiver (PIW) or product type (i.e., Conventional loan with PIW), an inspection report may still be required.
  • When product-specific requirements apply, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.

Contacts

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

Carrington thanks you for your business.

Washington Wildfires Closing/Funding Suspension

September 14, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is monitoring the impact of the Washington wildfires until FEMA formally declares which areas will require re-inspections.  Until FEMA posts declared counties, CMS will be suspending closing/funding of loans in the key counties and zip codes listed below.

Counties Zip Codes
Chelan 98801, 98807, 98811, 98815, 98816, 98817, 98821, 98822, 98826, 98828, 98831, 98836, 98847, 98852
Colville Indian Reservation 99114
Douglas 98802, 98813, 98830, 98843, 98845, 98850, 98858
Okanogan 97712, 98814, 98819, 98827, 98829, 98833, 98834, 98840, 98841, 98844, 98846, 98849, 98855, 98856, 98859, 98862, 99116, 99124, 99155
Pierce 98303, 98304, 98321, 98323, 98327, 98328, 98329, 98330, 98332, 98333, 98335, 98338, 98344, 98348, 98349, 98351, 98352, 98354, 98360, 98371, 98372, 98373, 98374, 98375, 98385, 98387, 98388, 98390, 98391, 98394, 98395, 98396, 98397, 98398, 98401, 98402, 98403, 98404, 98405, 98406, 98407, 98408, 98409, 98411, 98412, 98413, 98415, 98416, 98417, 98418, 98419, 98421, 98422, 98424, 98430, 98431, 98433, 98438, 98439, 98443, 98444, 98445, 98446, 98447, 98448, 98464, 98465, 98466, 98467, 98471, 98481, 98490, 98493, 98496, 98497, 98498, 98499, 98558, 98580
Spokane 99201, 99202, 99203, 99204, 99205, 99206, 99207, 99208, 99209, 99210, 99211, 99212, 99213, 99214, 99215, 99216, 99217, 99218, 99220, 99223, 99224, 99228, 99251, 99252. 99256, 99258, 99260
Whitman 99017, 99033, 99102, 99104, 99111, 99113, 99125, 99128, 99130, 99136, 99143, 99149, 99158, 99161, 99163, 99164, 99170, 99171, 99174, 99176, 99179, 99333

Contacts

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

Carrington thanks you for your business.

Oregon Wildfires Closing/Funding Suspension

September 10, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is monitoring the impact of the Oregon wildfires until FEMA formally declares which areas will require re-inspections.  Until FEMA posts declared counties, CMS will be suspending closing/funding of loans in the key counties and zip codes listed below.

Counties Zip Codes
Clackamas 97004, 97009, 97011, 97013, 97015, 97017, 97022, 97023, 97027, 97028, 97034, 97035, 97036, 37038, 97042, 97045, 97049, 97055, 97067, 97068, 97070, 97086, 97089, 97222, 97267, 97268, 97269
Jackson 97501, 97502, 97503, 97504, 97520, 97522, 97524, 97525, 97530, 97535, 97536, 97537, 97539, 97540, 97541
Jefferson 97711, 97730, 97734, 97741, 97760, 97761
Klamath 97601, 97602, 97603, 97604, 97621, 97622, 97623, 97624, 97625, 97626, 97627, 97632, 97633, 97634, 97639, 97731, 97733, 97737
Linn 97321, 97322, 97327, 97329, 97335, 97336, 97345, 97348, 97355, 97358, 97360, 97374, 97377, 97386, 97389, 97446
Marion 97002, 97020, 97026, 97032, 97071, 97137, 97301, 97302, 97303, 97305, 97306, 97307, 97308, 97309, 97310, 97311, 97312, 97314, 97317, 97325, 97342, 97346, 97350, 97352, 97362, 97373, 97375, 97381, 97383, 97384, 97385, 97392
Warm Springs Reservation 97761
Wasco 97001, 97021, 97037, 97040, 97057, 97058, 97063

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for Louisiana

September 10, 2020rashtonBulletin

Overview

Due to Hurricane Laura in Louisiana, FEMA has declared the following counties (parishes) a disaster. Additional FEMA declared counties are shown in bold.

Incident Period: August 22, 2020 – August 27, 2020

State FEMA Disaster Declaration Counties
Louisiana August 28, 2020 Acadia, Allen, Beauregard, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis,Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, Union, Vermilion, Vernon and Winn

Please note:

  • If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
  • If an appraisal was not required due to a property inspection waiver (PIW) or product type (i.e., USDA Streamline Assist/Conventional loan with PIW), an inspection report may still be required.
  • For product-specific requirements, refer to the applicable program details in the
    “Re-Inspection by Product Type” table below.

When product-specific requirements apply, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.

Re-Inspection by Product Type

If your loan is … A re-inspection is required … Under these circumstances …
FHA Full Doc Yes If the original appraisal inspection date was prior to the Incident Period End Date of 8/27/2020.
FHA Streamline No Not applicable
VA Full Doc and IRRRL Yes If the loan was not closed (signed) prior to the Declaration Date of 8/28/2020.
USDA Full Doc and Streamline Assist Yes If the original appraisal inspection date was prior to the Incident Period End Date of 8/27/2020.
Conventional Yes If the original appraisal inspection date was prior to the Incident Period End Date of 8/27/2020.

For further guidance and loan property requirements refer to the CMS “Declared Disaster Policy” which is published on at: Declared Disaster Policy.

California Wildfires Closing/Funding Suspension

September 10, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is monitoring the impact of the California wildfires until FEMA formally declares which areas will require re-inspections.  Until FEMA posts declared counties, CMS will be suspending closing/funding of loans in key counties and zip codes listed below.  Loan lists will be distributed to Operations Management and will be updated as more information becomes available.

County Zip Code County Zip Code
Southeast Trinity 00039 Sonoma 95462, 95452, 95471, 95465, 95450, 95444, 95442, 95448, 95446, 95492, 95487, 94999, 95497, 95486, 95473, 95472, 95480, 95476, 95441, 95407, 95406, 95412, 95409, 95405, 95402, 95401, 95404, 95403, 95433, 95431, 95439, 95436, 95430, 95419, 95416, 95425, 95421, 94975, 94927, 94928, 94931, 94922, 94923, 94926, 94954, 94955, 94972, 94951, 94952, 94953
West Tehama 00037
Corning 96021
West Glen 00047
Valyermo 93563
Alpine 91901
Jamul 91935
Campo 91906 Napa 94599, 94559, 94573, 94581, 94562, 94567, 94558, 94576, 94515, 94574, 94508, 94503
Yucaipa 92399
Forest Falls 92339 Yolo 95645, 95695, 95618, 95618, 95606, 95937, 95605, 95653, 95694, 95607, 95637, 95616, 95627, 95799, 95798, 95691, 95776, 95617, 95612, 95679, 95698, 95697
Mentone 92359
Aubry 93602
Shaver Lake 93664
North Fork 93643 Solano 95688, 94591, 95687, 94590, 94592, 95696, 94589, 94585, 94533, 94535, 94534, 95620, 94510, 95625, 94571, 94512
Lake 95451, 95453, 95443, 95426, 95422, 95423, 95467, 95424, 95457, 95435, 95493, 95464, 95461, 95458, 95485 Santa Cruz 95066, 95077, 95065, 95076, 95073, 95067, 95064, 95007, 95010, 95017, 95006, 95001, 95003, 95005, 95018, 95061, 95062, 95063, 95060, 95019, 95033, 95041
San Mateo 94303, 94497, 94066, 94038, 94065, 94011, 94014, 94002, 94005, 94010, 94401, 94128, 94402, 94404, 94403, 94074, 94070, 94080, 94037, 94083, 94021, 94062, 94061, 94019, 94020, 94063, 94060, 94027, 94028, 94030, 94025, 94044, 94026, 94016, 94015, 94017, 94018, 94064 Monterey 95039, 93953, 93912, 93908, 93954, 95004, 93962, 95012, 93942, 93943, 93920, 93940, 93955, 93901, 93933, 93960, 93915, 93944, 93906, 93921, 93950, 93450, 93921, 93932, 93927, 93926, 93930, 93928, 93907, 93426, 93924, 93923, 93922, 93902, 93905, 93925

Contacts

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

Carrington thanks you for your business.

Labor Day Holiday Lock Desk Hours

September 1, 2020rashtonBulletin, News

Overview

The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed on Monday, September 7, 2020 for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 8, 2020.

Additionally, the Lock Desk will close early on Friday, September 4, 2020 at 11:00 A.M. PST due to the early close of the financial markets.

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, September 7, 2020 cannot be included in the rescission period for refinance transactions.
  • Monday, September 7, 2020 cannot be included in the seven (7) business day waiting period 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, September 7, 2020 cannot be included in the four (4) business day 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, September 7, 2020 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

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

Carrington thanks you for your business.

FEMA Disaster Declaration for Louisiana

September 1, 2020rashtonBulletin

Overview

Due to Hurricane Laura in Louisiana, FEMA has declared the following counties (parishes) a disaster.

Incident Period: August 22, 2020 – August 27, 2020

State FEMA Disaster Declaration Counties
Louisiana August 28, 2020 Acadia, Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Ouachita, Vermilion and Vernon

Please note:

  • If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
  • If an appraisal was not required due to a property inspection waiver (PIW) or product type (i.e., Conventional loan with PIW), an inspection report may still be required.
  • When product-specific requirements apply, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.
Contacts

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

Carrington thanks you for your business.

Conventional Refinance Pricing Update

August 13, 2020rashtonBulletin

Overview

Due to current market conditions, Fannie Mae and Freddie Mac announced that effective September 1, 2020, they will begin charging an additional 50-basis point Loan Level Pricing Adjustment (LLPA) for all conventional refinance transactions (rate/term and cash-out).

Starting August 13, 2020 Carrington Mortgage Services, LLC (CMS) will update our pricing to discontinue the debt-to-income (DTI) overlay on all cash-out refinance transactions and add the 50-basis point LLPA for all refinance transactions (rate/term and cash-out) as referred to in the paragraph above. Please refer to the CMS Rate Sheets for additional pricing information.

Please note: The LLPA is in ADDITION to any other price adjustments that are otherwise applicable. For loans that are already locked, the pricing will remain unchanged and any rate changes requested will use the rate sheet pricing in effect at the time of lock.