Announcement 19-0047: Carrington Advantage Program Appraisal Requirements

Overview

To confirm the value determination for Carrington Advantage Product (CFA, CFA Plus, and Investor Advantage) loans with amounts of $1 Million and greater, effective June 17, 2019, Carrington Mortgage Services, LLC (CMS) will implement the following new appraisal requirements.  These requirements apply for all loans received in Loan Set-Up (LSU) on and after the June 17, 2019 effective date. When the new loan amount is greater than or equal to $1.0 Million CMS will require the following:
  • Two full appraisals are required.
  • Appraisals must be from different AMCs and must use different Appraisers.
  • The second appraisal should be ordered once the loan file is approved.
  • A CMS Underwriter will condition for the second appraisal.
  • A Collateral Desk Review (CDA) is not required when a second appraisal is ordered.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.