Announcement 20-0013: Revised CMS Lock Policy

Overview

Due to current market conditions, effective March 20, 2020 and until further notice, Carrington Mortgage Services, LLC (CMS) will temporarily no longer permit a lock until the loan is Approved and the appraisal (where applicable) has been received by CMS.  Please see revised lock policy below.

Loan TypeAvailable Lock TermsAdditional Requirements
Non-QM Loans45-daysLoan must be Approved with appraisal in file
Conventional Full Document Loans45-days, 60-daysLoan must be Approved with appraisal in file
Government Full Document Loans45-days, 60-daysLoan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt)
Government Streamline/IRRRL45-days, 60-daysLoan must be Approved

Lock Extensions:

  • Maximum of up to two extensions
  • Maximum extension period of 15 days in the aggregate
  • Current extension fee charges remain in place (see rate sheet)

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.