Announcement 20-0029: Reminder CMS Lock Policy – Lock Extensions

Overview

As a reminder, Carrington Mortgage Services, LLC (CMS) recently updated our lock policy which has the following Lock Extension requirements:

  • 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)

The CMS lock policy currently offers the following minimum lock terms and allows a 15-day lock when all Conditions are Submitted for final Clear to Purchase as shown below:

Loan TypeAvailable Lock TermsAdditional Requirements
Conventional Full Document Loans15-DaysLoan must be Approved with appraisal in file with All Conditions Submitted for final Clear to Purchase
45-daysLoan must be Approved with  appraisal in file
Government Full Document Loans15-DaysLoan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt) with All Conditions Submitted for final Clear to Purchase
45-daysLoan must be Approved with appraisal in file (loans with Appraisal Waivers are exempt)
Government Streamline/IRRRL15-DaysLoan must be Approved with All Conditions Submitted for final Clear to Purchase
45-daysLoan must be Approved

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

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