Announcement 20-0025: Revised CMS Lock Policy

April 16, 2020

Overview

As a reminder, Carrington Mortgage Services, LLC (CMS) recently announced a revised lock policy with longer minimum lock terms for loans without appraisal (when required) in the file.  Effective immediately, the lock policy will allow a 15-day lock when all Conditions are Submitted for final Clear to Purchase as shown below:

Loan Type Available Lock Terms Additional Requirements
Conventional Full Document Loans 15-Days Loan must be Approved with appraisal in file with All Conditions Submitted for final Clear to Purchase
45-days Loan must be Approved with appraisal in file
Government Full Document Loans 15-Days Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt) with All Conditions Submitted for final Clear to Purchase
45-days Loan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt)
Government Streamline/IRRRL 15-Days Loan must be Approved with All Conditions Submitted for final Clear to Purchase
45-days Loan must be Approved

Lock Extensions:

  • Maximum of up to two extensions
  • Maximum extension period of 15 days in the aggregate
  • Current extension fee charges remain in place (see rate sheet)

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 1500 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)

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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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