Last Week in Review: First Fed Rate Cut in 10 years This past week the Federal Reserve (Fed) cut the Fed Funds Rate by .25% to 2.25%, the first rate cut in 10 years. Many consumers are wondering why home loan rates haven’t declined by .25% in tandem with the Fed action. Let’s break down how […]
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Announcement 19-0064: Updated Expense Factor Guidelines for CFA/CFA+ Bank Statement Products
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Overview Carrington Mortgage Services, LLC (CMS) permits the use of Expense Factors to calculate qualifying income using business bank statement documentation for the Carrington Flexible Advantage and Flexible Advantage Plus (CFA/CFA+) products. Effective for submissions dated August 12, 2019 and later, CFA and CFA+ self-employed borrowers using business bank statements for income qualifying must meet […]
Announcement 19-0063: CMS FHA Underwriting Guideline Updates
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Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent guideline enhancements for the FHA loan program. Updates are shown in red. FHA Guidelines Old Requirements Updated Requirements Added Property Assessed Clean Energy Where the subject Property is encumbered with a Property Assessed Clean Energy (PACE) obligation, the sales contract must include […]
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