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Announcement 20-0040: Updated CMS Rate Lock Policy

June 17, 2020


Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder CMS generally offers 15-day, 30-day, 45-day, and 60-day lock terms. Lock terms and requirements may vary by loan product and state -- see rate sheets for details. The standard minimum lock terms outlined below.

Loan Type Available Lock Terms Additional Requirements
Full Doc Programs 45-Days Loan registered in CorrIQ
30-Days Loan has been Submitted for Underwriting
15-Days Loan must be Approved with All Conditions Submitted for final Clear to Purchase
Streamline/IRRRL Programs 30-Days Loan registered in CorrIQ
15-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)
  • Free 3 day remains in place (existing policy applies)
  • No additional concessions will be considered for extension fees charged


Please contact with any questions.

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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:

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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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