FEMA Disaster Declaration for Louisiana Severe Winter Storm

March 11, 2021rashtonBulletin

Overview

Due to damage from severe winter storms in Louisiana, FEMA has declared the following parishes (counties) a disaster.

Incident Period: February 11, 2021 – February 19, 2021

State FEMA Disaster Declaration Parishes
Louisiana March 9, 2021 Avoyelles, Bienville, Bossier, Caddo, Calcasieu, Catahoula, Claiborne, Concordia, De Soto, East Baton Rouge, Franklin, Grant, La Salle, Madison, Natchitoches, Ouachita, Rapides, Red River, Richland, Sabine, Webster, West Carroll and Winn.

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 2/19/21.
FHA Streamline No Not applicable
VA Full Doc and IRRRL Yes If the loan was not closed (signed) prior to the Declaration Date of 3/9/21 and submitted prior to 2/19/21.
USDA Full Doc Yes If the original appraisal inspection date was prior to the Incident Period End Date of 2/19/21.
USDA Streamline Assist Yes If the original submission date was prior to the Incident Period End Date of 2/19/21.
Conventional* and Non-Agency Yes If the original appraisal inspection date was prior to the Incident Period End Date of 2/19/21.

*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.

Reminder – If you have DU/LP and application dated prior to 3/1/2021 then we can still accept the old URLA.

March 9, 2021rashtonBulletin

Overview

As a reminder, effective Monday, March 1, 2021, applications dated on or after 3/1/2021 require the new Uniform Residential Loan Application (URLA).

For applications dated prior to 3/1/2021, if there is no AUS dated prior to 3/1/2021, then the loan must use the new URLA as well since DU/LP will not issue AUS results using the old URLA format.  The case ID must have been issued prior to 3/1/2021 to allow the old URLA format.  Manually underwritten files only require that the application date be prior to 3/1/2021 to use the old URLA format.

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for Texas Severe Winter Storms

February 26, 2021rashtonBulletin

Overview

Due to damage from the severe winter storms in Texas, FEMA has declared the following counties a disaster. Additional updated counties are shown in bold.

Incident Period: February 11, 2021 and continuing

State FEMA Disaster Declaration Counties
Texas February 19, 2021 Anderson, Angelina, Aransas, Atascosa, Austin, Bandera, Bastrop, Bee, Bell, Bexar, Blanco, Bosque, Bowie, Brazoria, Brazos, Brooks, Brown, Burleson, Burnet, Caldwell, Calhoun, Cameron, Chambers, Cherokee, Collin, Colorado, Comal, Comanche, Cooke, Coryell, Dallas, DeWitt, Denton, Duval, Eastland, Ector, Ellis, Erath, Falls, Fannin, Fort Bend, Freestone, Galveston, Gillespie, Goliad, Gonzales, Grayson, Gregg, Grimes, Guadalupe, Hardin, Harris, Harrison, Hays, Henderson, Hidalgo, Hill, Hood, Houston, Howard, Hunt, Jackson,  Jasper, Jefferson, Jim Hogg, Jim Wells, Johnson, Jones, Karnes, Kaufman, Kendall, Kleberg, Lavaca, Leon, Liberty, Limestone, Llano, Lubbock, Madison, Matagorda, Maverick, McLennan, Medina, Milam, Montague, Montgomery, Nacogdoches, Navarro, Newton, Nueces, Orange, Palo Pinto, Panola, Parker, Polk, Robertson, Rockwall, Rusk, Sabine, San Jacinto, San Patricio, Scurry, Shelby, Smith, Stephens, Tarrant, Taylor, Tom Green, Travis, Trinity, Tyler, Upshur, Val Verde, Van Zandt, Victoria, Walker, Waller, Washington, Webb, Wharton, Wichita, Willacy, Williamson, Wilson, Wise and Wood.

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 02/19/21.
USDA Full Doc Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.
USDA Streamline Assist Yes If the original submission date was after the Incident Period End Date – Continuing*.
Conventional** and Non-Agency Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.

*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.

**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.

FEMA Disaster Declaration for Oklahoma Severe Winter Storms

February 25, 2021rashtonBulletin

Overview

Due to damage from severe winter storms in Oklahoma, FEMA has declared the following counties a disaster.

Incident Period: February 8, 2021 – February 20, 2021

State FEMA Disaster Declaration Counties
Oklahoma February 24, 2021 Canadian, Carter, Cherokee, Comanche, Cotton, Hughes, Jefferson, Le Flore, McIntosh, Oklahoma, Okmulgee, Osage, Pittsburg, Stephens, Tulsa, and Wagoner

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 2/20/21.
FHA Streamline No Not applicable
VA Full Doc and IRRRL Yes If the loan was not closed (signed) prior to the Declaration Date of 2/24/21.
USDA Full Doc Yes If the original appraisal inspection date was prior to the Incident Period End Date of 2/20/21.
USDA Streamline Assist Yes If the loan submission date was after to the Incident Period End Date of 2/20/21.
Conventional* and Non-Agency Yes If the original appraisal inspection date was prior to the Incident Period End Date of 2/20/21.

*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.

Updated FEMA Disaster Declaration for Texas Severe Winter Storms

February 23, 2021rashtonBulletin

Overview

Due to damage from the severe winter storms in Texas, FEMA has declared the following counties a disaster. Updated counties are shown in bold.

Incident Period: February 11, 2021 and continuing

State FEMA Disaster Declaration Counties
Texas February 19, 2021 Anderson, Angelina, Aransas, Austin, Bastrop, Bee, Bell, Bexar, Blanco, Bosque, Bowie, Brazoria, Brazos, Brown, Burleson, Burnet, Caldwell, Calhoun, Cameron, Chambers, Cherokee, Collin, Colorado, Comal, Comanche, Cooke, Coryell, Dallas, DeWitt, Denton, Ellis, Erath, Falls, Fannin, Fort Bend, Freestone, Galveston, Gillespie, Gonzales, Grayson, Gregg, Grimes, Guadalupe, Hardin, Harris, Harrison, Hays, Henderson, Hidalgo, Hill, Hood, Houston, Hunt, Jackson, Jasper, Jefferson, Jim Wells, Johnson, Jones, Kaufman, Kendall, Lavaca, Liberty, Limestone, Lubbock, Madison, Matagorda, Maverick, McLennan, Medina, Milam, Montague, Montgomery, Nacogdoches, Navarro, Nueces, Orange, Palo Pinto, Panola, Parker, Polk, Rockwall, Rusk, Sabine, San Jacinto, San Patricio, Scurry, Shelby, Smith, Stephens, Tarrant, Taylor, Tom Green, Travis, Tyler, Upshur, Val Verde, Van Zandt, Victoria, Walker, Waller, Washington, Wharton, Wichita, Williamson, Wilson, Wise and Wood.

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 02/19/21.
USDA Full Doc and Streamline Assist Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.
Conventional** and Non-Agency Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.

*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.

**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.

FEMA Disaster Declaration for Texas – Severe Winter Storms

February 22, 2021rashtonBulletin

Overview

Due to damage from the severe winter storms in Texas, FEMA has declared the following counties a disaster.

Incident Period: February 11, 2021 and continuing

State FEMA Disaster Declaration Counties
Texas February 19, 2021 Angelina, Aransas, Bastrop, Bee, Bell, Bexar, Blanco, Brazoria, Brazos, Brown, Burleson, Caldwell, Calhoun, Cameron, Chambers, Collin, Comal, Comanche, Cooke, Coryell, Dallas, DeWitt, Denton, Ellis, Falls, Fort Bend, Galveston, Gillespie, Grimes, Guadalupe, Hardin, Harris, Hays, Henderson, Hidalgo, Hood, Jasper, Jefferson, Johnson, Kaufman, Kendall, Lavaca, Liberty, Madison, Matagorda, Maverick, McLennan, Montague, Montgomery, Nacogdoches, Nueces, Orange, Palo Pinto, Panola, Parker, Polk, Rockwall, Sabine, San Jacinto, San Patricio, Scurry, Shelby, Smith, Stephens, Tarrant, Travis, Tyler, Upshur, Van Zandt, Victoria, Walker, Waller, Wharton, Wichita, Williamson, Wilson and Wise

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 02/19/21.
USDA Full Doc and Streamline Assist Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.
Conventional** and Non-Agency Yes If the original appraisal inspection date was prior to the Incident Period End Date – Continuing*.

*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.

**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.

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.

HUD Announces New Guidelines for Borrowers with DACA Status

January 26, 2021rashtonBulletin

Overview

On January 20, 2021, HUD announced major changes to their guidelines for borrowers with Deferred Action for Childhood Arrivals (DACA) status. Individuals classified under DACA who are legally permitted to work in the U.S. are eligible to apply for mortgages backed by the FHA. These changes are effective immediately and apply to new loan submissions as well as pipeline loans. The following guidelines now apply to borrowers under this category:

  • The property must be the borrower’s principal residence;
  • Borrower must have a valid Social Security Number (SSN);
  • Borrower must be eligible to work in the U.S., as evidenced by the Employment Authorization Document issued by the USCIS; and,
  • Borrower must satisfy the same requirements, terms and conditions as those for U.S. citizens.

Contacts

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

Carrington thanks you for your business.

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

Note: North Carolina = $150 for all products; Iowa and New Jersey = $0 for all products.

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.