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.

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Please contact CorrespondentRM@carringtonms.com with any questions.
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FHA Non-Supervised Mortgagee Approval #:
24751-0000-5

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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 - 2023 . 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