Announcement 19-0029: Pricing Deficiency Fees

Overview

Carrington Mortgage Services, LLC (CMS) issues purchasing dispositions to notify Correspondents of conditions which have not yet been met. Purchasing dispositions are issued with a Conditions Cleared by Date, which is the greater of seven (7) calendar days from the date of the disposition or the lock expiration date. If the Conditions Cleared by Date is on a holiday or a weekend, it will roll to the next business day.

Correspondents not able to clear the conditions for purchase by the Conditions Cleared by Date will be responsible for all deficiency fees.

All Closed Loan Packages submitted on and after May 9, 2019 for purchase review will start accruing deficiency fees as follows:

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.