Effective September 1, 2019: For all unlocked VA >90% Cash Out loans in the pipeline, the maximum lock available will be 15 days. Locks can be extended to September 30, 2019, and must be purchased by September 30, 2019.
As a reminder, Ginnie Mae issued APM 19-05 on August 1, 2019 which requires all Cash Out VA loans in excess of 90% LTV to be placed in special securities pools effective November 1, 2019. To comply with the pooling deadline, Carrington Mortgage Services, LLC (CMS) is implementing the following adjustments to our Lock Policy and Loan approvals:
|Effective Dates||New Submissions||New Locks||Lock Extensions|
|8/15/19 – 8/30/19||Allowed||Max 30 Day Lock Term||Allowed through 9/30/19|
|9/1/19 – 9/13/19||Not Allowed||Max 15 Day Lock Term||Allowed through 9/30/19|
|9/14/19 – 9/30/19||Not Allowed||No new Locks||Allowed through 9/30/19|
Please note: To ensure all loans are purchased on or before September 30, 2019, Underwriting will add a condition to require that all files are delivered to CMS by September 15, 2019 and purchased by September30, 2019.
Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.
Contact your Account Executive with questions.
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