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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.

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Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . 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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