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Announcement 20-0029: Reminder CMS Lock Policy – Lock Extensions

April 23, 2020

Overview

As a reminder, Carrington Mortgage Services, LLC (CMS) recently updated our lock policy which has the following Lock Extension requirements:

  • 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)

The CMS lock policy currently offers the following minimum lock terms and allows 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

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

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