This material is for informational purposes only as a service to brokers who do business with Carrington Mortgage Services, and it should not be relied upon as legal or compliance advice. The information represents the best practices for doing business with Carrington Mortgage Services at the time of preparation, and it is subject to change without notice. Copyright 2015. Carrington Mortgage Services, LLC. All rights reserved. Reproduction or distribution is prohibited.
Collection of Fees and Appraisal Orders
The Loan Estimate (LE) and Intent Proceed which are sent by CMS must be eSigned or wet-signed prior to ordering an appraisal. It is acceptable for the Broker to collect a credit report fee prior to borrower(s) receipt of the LE and receiving the borrower(s) Intent to Proceed.
The Broker is prohibited from ordering an appraisal prior to the borrower(s) eAcceptance or signing and returning the LE and Intent to Proceed, even if the Broker is paying for the appraisal upfront with the intent to collect the fee at closing from the borrower(s).
Note: CMS will make the LE and Intent to Proceed available on BrokerIQ to assist in delivery to borrower(s).
Next up, review the Fee Variance Categories and Variations Permitted
Contact your Account Executive with any questions regarding this information.