Changes to Loan Terms and Underwriting Review Requirements The purpose of this bulletin is to remind Associates of the procedure when there are changes to loan terms after the file has been Cleared-to-Close (CTC). This is especially important if changes are made to the final loan terms. Download: Bulletin - #W1266 (PDF)
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Effective Wednesday, August 1st, two additional changes to the FHA Streamline product only will go into effect; - Carrington’s Lender Fee will increase to $499.00 - Max Price Cap will increase 50 bps from (4.25) to (4.75) which includes broker compensation.
The Federal Housing Administration has eliminated their own new rule aimed at consumers with even fairly minor “collections debt.” The new rule, which would have gone into effect July 1, required potential borrowers to settle any disputed debts totaling $1,000 or more before the FHA would consider backing their mortgage. The rule originated as part […]
Now Through 6/10/2012 As announced in FHA ML 12-04—Effective for case numbers assigned on/after 6/11/12 for streamline refinance transactions of FHA loans endorsed on/before 5/31/09: Decrease to Up Front MIP: Up Front MIP = 0.01 of the base loan amount. Decrease to Annual MIP: Annual MIP = 55 bps, regardless of loan amount. Submit Early […]
Borrowers now need to resolve even minor disputes with their creditors before expecting the Federal Housing Administration to insure their loan. As of April 1, the FHA will no longer consider insuring a mortgage to any potential borrower with ongoing credit disputes totaling more than $1,000. Prior to the new rule, individual underwriters and lenders […]
Carrington Mortgage Services is now lending in Wisconsin, Minnesota, and North Carolina. Effective immediately, all loan programs are available for all eligible subject properties located in these states. See our loan programs for details. Brokers located in these states interested in becoming an approved Carrington partner should contact their Account Executive or new broker applicants […]
View our current FHA Streamline guidelines offering non credit qualifying and credit qualifying programs. Contact your Account Executive for more information or view the loan program details, click here NON CREDIT QUALIFYING* PRODUCT HIGHLIGHTS Total lender fees: $399 No appraisal required No income documentation required Mortgage history - no late payments in the last 12 […]
Monday, February 20th is President’s Day. CMS Lending and the Lock Desk will be closed. CMS will be open Tuesday, February 21stresuming normal operating hours from 8am to 4pm PST. Reminders: All lock extensions will need to be requested by Friday, February 17th, including those expiring on Monday, February 20th. Monday, February 20, 2012 cannot […]