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.
Please contact CorrespondentRM@carringtonms.com
with any questions.
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