Announcement 20-0001: Loan Purchasing Reminder

Overview

As a reminder, on the date of purchase by Carrington, the unpaid principal balance of the loan will be calculated based on the effective servicing transfer date.

  • Loans purchased on or before the 10th business day of the month; the effective servicing transfer date will be the first day of the month following the month of purchase.
  • Loans purchased after the 10th business day of the month; the effective servicing transfer date will be the first day of the second month following the month of purchase.

Examples:

  • If a loan is purchased on January 6th the effective servicing transfer date would be February 1st.
  • If a loan is purchased on January 15th, the effective servicing transfer date would be March 1st.

If a loan payment is scheduled before the servicing transfer date, the principal portion of the scheduled payment will be deducted from the principal balance of the loan.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.