Announcement 20-0001: Loan Purchasing Reminder

January 6, 2020

Overview

As a reminder, on the date of purchase by Carrington, the unpaid principal balance of the loan will be calculated based on the effective servicing transfer date.

  • Loans purchased on or before the 10th business day of the month; the effective servicing transfer date will be the first day of the month following the month of purchase.
  • Loans purchased after the 10th business day of the month; the effective servicing transfer date will be the first day of the second month following the month of purchase.

Examples:

  • If a loan is purchased on January 6th the effective servicing transfer date would be February 1st.
  • If a loan is purchased on January 15th, the effective servicing transfer date would be March 1st.

If a loan payment is scheduled before the servicing transfer date, the principal portion of the scheduled payment will be deducted from the principal balance of the loan.

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

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