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Hurricane Sally Closing/Funding Suspension

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

Florida Panhandle

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for California

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

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

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

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

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.

Contacts

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

Carrington thanks you for your business.

Oregon Wildfires Closing/Funding Suspension

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.

Contacts

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

Carrington thanks you for your business.

Updated FEMA Disaster Declaration for Louisiana

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

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

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

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.

Contacts

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

Carrington thanks you for your business.

FEMA Disaster Declaration for Louisiana

Overview

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

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

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.

Conventional Refinance Pricing Update

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.