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.

Change of Circumstance

Revised Loan Estimate (LE):

If a valid Change of Circumstance occurs, CMS will deliver a revised LE to the borrower(s) and the Broker within three (3) general business days.

Broker must notify CMS within one (1) business day when there is a change of circumstance.

Revised Closing Disclosure (CD)

If prior to loan consummation, a revised CD is issued, a new three (3) specific business day wait period is required ONLY if the following event occurs:

  • The APR increases by more than 0.125%
  • *Loan product changes (fixed to ARM) , OR
  • *Prepayment penalty is added
  • *CMS does not currently permit ARM loans or loans with prepayment penalties

View a Closing Calendar where it all comes together.

Contact your Account Executive with any questions regarding this information.