FHA 203(k) Loan Program Discontinued
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
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
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
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
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
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
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
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
|
Interest Only
FICO ≥ 700 / LTV ≤ 80%
|
| 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.
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 – Continuing
| State | FEMA Disaster Declaration | Counties |
| California | August 22, 2020 | Butte, Lake, Lassen, Monterey, Napa, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, 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.
FEMA Disaster Declaration for Louisiana Hurricane Delta
Overview
Due to Louisiana Hurricane Delta, FEMA has declared the following parishes a disaster.
Incident Period: October 6, 2020 – October 10, 2020
| State | FEMA Disaster Declaration | Parishes |
| Louisiana | October 16, 2020 | Acadia, Calcasieu, Cameron, Jefferson Davis 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.
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