Announcement 20-0037: Updated CMS Lock Policy – Lock Extensions

Overview

Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to sellers prior to loan submission when the loan has been registered in CorrrIQ.
Loan Type Available Lock Terms Additional Requirements
All Loan Types 60-Days Loan registered in CorrIQ
15-Days Loan must be Approved with All Conditions Submitted for final Clear to Purchase
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)
  • Free 3 day remains in place (existing policy applies)
  • No additional concessions will be considered for extension fees charged

Contacts

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