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.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

Industry Links

Loan Limits LookupMortgage Letters
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.
CAREERSINVESTORSabout uswholesale
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)

Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third-party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram