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Announcement 20-0069: Carrington Prime Advantage Product Guideline Updates

November 2, 2020

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday November 2, 2020; CMS will implement the following Carrington Prime Advantage product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional program information, please review the full guidelines available on carringtoncorrespondent.com.

Underwriting Guidelines
Old Requirements Updated Requirements
Maximum LTV – Full Doc/Alt Doc Purchase and Rate Term Loans with
FICO = 720+
Up to 85% LTV
Maximum LTV – Full Doc/Alt Doc Purchase and Rate Term Loans with
FICO = 720+
Up to 90% LTV
Interest Only
FICO ≥ 700

  • 12 Months Reserves
  • Not available in West Virginia and for Texas a(6) Loans
Interest Only
FICO ≥ 700 / LTV ≤ 80%

  • 12 Months Reserves
  • Not available in West Virginia and for Texas a(6) Loans
Secondary Financing – Subordination
Maximum 80% CLTV (Institutional seconds only).
Secondary Financing – Subordination
Maximum CLTV = Maximum LTV for the transaction (Institutional seconds only).

Refer to the Carrington Prime Advantage Program Matrix for additional information.

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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