Announcement 20-0075: Updated Carrington Advantage Product Guidelines

December 17, 2020

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Wednesday December 16, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage and Investor 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
Program Old Requirements Updated Requirements
All Programs Cash out proceeds not permitted to meet reserve requirements. Cash out proceeds permitted for reserves with ≥ 700 FICO.
Prime Advantage Max LTV = 80% for FICOs 700-719 (Full Doc and Alt Doc) Max LTV = 85% for FICOs 700-719 (Full Doc and Alt Doc)
Investor Advantage Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 36 mos Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 48 mos

Refer to the Carrington Advantage Program Matrices 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

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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)

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

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