Announcement 20-0040: Updated CMS Rate Lock Policy

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce the market conditions that led to temporary suspensions of some lock terms and exception requirements have been resolved and effective Monday, June 22, 2020 CMS will resume following our normal rate lock policy. As a reminder CMS generally offers 15-day, 30-day, 45-day, and 60-day lock terms. Lock terms and requirements may vary by loan product and state — see rate sheets for details. The standard minimum lock terms outlined below.

Loan TypeAvailable Lock TermsAdditional Requirements
Full Doc Programs45-DaysLoan registered in CorrIQ
30-DaysLoan has been Submitted for Underwriting
15-DaysLoan must be Approved with All Conditions Submitted for final Clear to Purchase
Streamline/IRRRL Programs30-DaysLoan registered in CorrIQ
15-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)
  • 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.