Underwriting Fee Update

January 12, 2021rashtonBulletin

Overview

Effective for all loan submissions on and after February 1, 2021, Carrington Mortgage Services, LLC (CMS) will implement the following underwriting fee schedule. The new CMS Underwriting Fees are below:

Loan Product Underwriting
Carrington Prime Advantage $750
Carrington Flexible Advantage (CFA/CFA+) $750
Carrington Investor Advantage $750
Conventional $699
FHA $699
VA $699
USDA $699

Contacts

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

Carrington thanks you for your business.

Martin Luther King Jr Holiday – Lock Desk Hours and Key Compliance Dates

January 11, 2021rashtonBulletin

Overview

The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed Monday, January 18, 2021 for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 19, 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 January 18, 2021 cannot be included in the rescission period for refinance transactions.
  • Monday January 18, 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 January 18, 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 January 18, 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 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.

FHA 203(k) Loan Program Discontinued

January 7, 2021rashtonBulletin

Overview

Effective February 1, 2021, Carrington Mortgage Services, LLC (CMS) will discontinue offering FHA 203k (Standard and Limited) loans through our Wholesale Channel.  Brokers must submit all 203k loans prior to the February 1, 2021.  All approved 203k loans in the active pipeline will be honored and can close as expected.

Contacts

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

Carrington thanks you for your business.

Updated Carrington Advantage Product Guidelines

December 16, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 17, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage, and Investor Advantage) product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional information, please review the full product matrices available on carringtonwholesale.com.

Underwriting Guidelines
Program Old Requirements Updated Requirements
All Programs Cash out proceeds not permitted to meet reserve requirements. Cash out proceeds permitted for reserves with ≥ 700 FICO.
Prime Advantage Max LTV = 80% for FICOs 700-719 (Full Doc and Alt Doc) Max LTV = 85% for FICOs 700-719 (Full Doc and Alt Doc)
Investor Advantage Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 36 mos Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 48 mos

Refer to the Carrington Advantage Program Matrices for additional information.

Contacts

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

Carrington thanks you for your business.

Lock Desk Holiday Hours and Key Compliance Dates

December 15, 2020rashtonBulletin

Overview

During the holiday season the Carrington Mortgage Services, LLC (CMS) Lock Desk, will observe the following schedule:

  • Thursday, December 24, 2020 – Closed for Christmas Eve
  • Friday, December 25, 2020 – Closed for the Christmas holiday
  • Thursday, December 31, 2020 – Close early for New Year’s Eve at 11:00 AM PST (early market closure of 2:00 PM EST)
  • Friday, January 1, 2021 – Closed for New Year’s Day holiday

Normal Lock Desk hours will resume December 28, 2020 and January 4, 2021.

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

  • Friday, December 25, 2020 and Friday January 1, 2021 cannot be included in the rescission period for refinances.
  • Friday, December 25, 2020 and Friday January 1, 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, Friday, December 25, 2020 and Friday January 1, 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, Friday, December 25, 2020 and Friday January 1, 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

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

Carrington thanks you for your business.

CMS Thanksgiving Holiday – Lock Desk Hours and Key Compliance Dates

November 16, 2020rashtonBulletin

Overview

The Carrington Mortgage Services, LLC (CMS) Lock Desk, will be closed Thursday, November 26, 2020 in observance of Thanksgiving, which is a federal holiday and also Friday, November 27, 2020 which is a CMS company holiday.  Due to the holiday, the Lock Desk will be closing early on Wednesday, November 25, 2020 at 11:00 AM PST (early market closure of 2:00 PM EST).  Normal Lock Desk hours will resume on Monday, November 30, 2020.

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:

  • Thursday, November 26, 2020 cannot be included in the rescission period for refinance transactions.
  • Thursday, November 26, 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, Thursday, November 26, 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, Thursday, November 26, 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.

Updated FEMA Disaster Declaration for California

November 13, 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 – Continuing

State FEMA Disaster Declaration Counties
California August 22, 2020 Butte, Lake, Lassen, Mendocino, Monterey, Napa, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Trinity, Tulare and Yolo

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 – Continuing**.
FHA Streamline No Not applicable
VA Full Doc and IRRRL Yes If the loan was not closed (signed) prior to the Declaration Date of 08/22/2020.
USDA Full Doc and Streamline Assist Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing**.
Conventional* Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing**.

*If an appraisal was not required due to a property inspection waiver (PIW), an inspection report will still be required.

**In cases where FEMA has not yet issued an Incident End Date and the disaster is “Continuing”, the earliest CMS will permit a re-inspection is a minimum of 14 calendar days from the Incident Period Start 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 Hurricane Delta

November 9, 2020rashtonBulletin

Overview

Due to Louisiana Hurricane Delta, FEMA has declared the following parishes a disaster. Updated counties are shown in bold.

Incident Period: October 6, 2020 – October 10, 2020

State FEMA Disaster Declaration Parishes
Louisiana October 16, 2020 Acadia, Beauregard, Calcasieu, Cameron,
Jefferson Davis, Lafayette, Rapides, St. Landry,
St. Martin Parish’s and Vermilion

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 10/10/2020.
FHA Streamline No Not applicable
VA Full Doc and IRRRL Yes If the loan was not closed (signed) prior to the Declaration Date of 10/16/2020.
USDA Full Doc and Streamline Assist Yes If the original appraisal inspection date was prior to 10/10/2020.
Conventional* Yes If the original appraisal inspection date was prior to 10/10/2020.

*If an appraisal was not required due to a property inspection waiver (PIW), an inspection report will still be required.

Contacts

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

Carrington thanks you for your business.

Veteran’s Day Holiday Lock Desk Hours

November 2, 2020rashtonBulletin

Overview

Carrington Mortgage Services (CMS) offices, including the Lock Desk, will be closed Wednesday, November 11, 2020 in observance of Veteran’s Day, which is a Federal Holiday. Normal Lock Desk hours will resume on Thursday, November 12, 2020.

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:

  • Wednesday, November 11, 2020 cannot be included in the rescission period for refinance transactions.
  • Wednesday, November 11, 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, Wednesday, November 11, 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 Closing Disclosure (CD) is required, Wednesday, November 11, 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.

Carrington Prime Advantage Product Guideline Updates

November 2, 2020rashtonBulletin

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday November 2, 2020; CMS will implement the following Carrington Prime Advantage product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional information, please review the full guidelines available on carringtonwholesale.com.

Underwriting Guidelines
Old Requirements Updated Requirements
Maximum LTV – Full Doc/Alt Doc Purchase and Rate Term Loans with
FICO = 720+
Up to 85% LTV
Maximum LTV – Full Doc/Alt Doc Purchase and Rate Term Loans with
FICO = 720+
Up to 90% LTV
Interest Only

FICO ≥ 700

  • 12 Months Reserves
  • Not available in West Virginia and for Texas a(6) Loans
Interest Only

FICO ≥ 700 / LTV ≤ 80%

  • 12 Months Reserves
  • Not available in West Virginia and for Texas a(6) Loans
Secondary Financing – Subordination

Maximum 80% CLTV (Institutional seconds only).

Secondary Financing – Subordination

Maximum CLTV = Maximum LTV for the transaction (Institutional seconds only).

Refer to the Carrington Prime Advantage Program Matrix for additional information.

Contacts

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

Carrington thanks you for your business.