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
|
Interest Only FICO ≥ 700 / LTV ≤ 80%
|
| 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.
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. 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: