Announcement 19-0029: Pricing Deficiency Fees

May 1, 2019

Overview

Carrington Mortgage Services, LLC (CMS) issues purchasing dispositions to notify Correspondents of conditions which have not yet been met. Purchasing dispositions are issued with a Conditions Cleared by Date, which is the greater of seven (7) calendar days from the date of the disposition or the lock expiration date. If the Conditions Cleared by Date is on a holiday or a weekend, it will roll to the next business day.

Correspondents not able to clear the conditions for purchase by the Conditions Cleared by Date will be responsible for all deficiency fees.

All Closed Loan Packages submitted on and after May 9, 2019 for purchase review will start accruing deficiency fees as follows:

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.

 

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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An Equal Housing Opportunity Lender. Copyright 2007 - 2022 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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