Announcement 20-0040: Updated CMS Rate Lock Policy

June 17, 2020

Overview

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
Streamline/IRRRL Programs	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

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Please contact CorrespondentRM@carringtonms.com with any questions.

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FHA Non-Supervised Mortgagee Approval #:
24751-0000-5

VA Automatic Lender Approval #:
902324-00-00

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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