Announcement 19-0027: Revised Bank Statement Calculator

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce the Bank Statement Calculator for use with bank statement income documentation for Carrington Advantage program (Flexible Advantage, Flexible Advantage Plus and Investor Advantage) loans has been revised to include the following enhancements:

    • 12- and 24-month Business Bank Statement calculators now include a “Business Ownership Percentage” field that will calculate through qualifying income
    • 24-month Personal and Business Bank Statement calculators will now use the lower of the 12- or 24-month averages
    • Data entry fields are now shaded green or red, system-calculated fields remain shaded gray
    • Deposit deduction fields are formatted so the figures reflect as negative values (red, with parentheses)

Resources

The Bank Statement Calculator is available at: CorrIQ > Resources > Forms > Other Forms > Bank Statement Calculator

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.