Overview On June 17, 2021, President Biden signed legislation making June 19th a federal holiday to be officially known as Juneteenth National Independence Day. The creation of this new federal holiday will impact mortgage disclosure regulations that are tied to “business day” time periods, in particular the time to close after a consumer’s receipt of […]
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Last Week in Review: Inflation, Fed, and the Wall This past week, home loan rates were improving slightly week-over-week until their arch-nemesis, inflation, reared its head. Let us break it all down and talk about what it means for you and your clients. Consumer Inflation and Looking Ahead On Thursday, the May Consumer Price Index […]
Last Week in Review: Real Rates and When the Music Stops This past week, home loan rates ticked up slightly but remain near three-month lows. Despite historically low rates, mortgage applications ticked down for the second consecutive week as tight inventory and rapidly rising home prices weighed on purchase activity. Opportunity Is Knocking Mortgage and […]
Overview HUD recently announced clarifications to their guidelines for certain Non-Permanent Residents applying for FHA-insured mortgages, including: Eligibility of borrowers with H1-B non-immigrant visa status without an EAD, Eligibility of citizens from the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau without an EAD, and Adopting and continuing […]
Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following underwriting guideline enhancements for the Non-QM loan programs (Prime Advantage, Flexible Advantage/Advantage Plus and Investor Advantage). All guideline enhancements are effective immediately and may be applied to loans not yet closed. Please note this is an abbreviated summary of the guideline changes. All […]
Overview Due to damage from severe storms and flooding in West Virginia, FEMA has declared the following counties a disaster. Incident Period: February 27, 2021 - March 4, 2021 State FEMA Disaster Declaration Counties West Virginia May 20, 2021 Cabell, Kanawha, Mingo and Wayne Re-Inspection by Product Type If your loan is … A re-inspection […]
Last Week in Review: What Goes Up Must Come Down This past week home loan rates held steady despite enormous volatility in the financial markets. Let's break down what happened and look at what to watch for in the week ahead. Wacky Wednesday A "risk-off" trade is when investors sell risky assets like stocks and […]
Last Week in Review: The Price is Wrong This past week, the yield on the 10-year note increased to its highest level in one month in response to a very hot consumer inflation reading. Let us break down what happened and get into what to look for in the week ahead. Last Wednesday, the financial […]
Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, May 31, 2021 for Memorial Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, June 1, 2021. Additionally, the CMS Lock Desk will close early on Friday, May 28, 2021 at 11:00 A.M. PST due to […]
Overview Due to damage from severe storms, tornadoes and flooding in Tennessee, FEMA has declared the following counties a disaster. Incident Period: March 25, 2021 – April 03, 2021 State FEMA Disaster Declaration Counties Tennessee May 08, 2021 Davidson, Williamson and Wilson Re-Inspection by Product Type If your loan is … A re-inspection is required […]