Announcement 20-0074: CMS Lock Desk Holiday Hours and Key Compliance Dates

Overview

During the holiday season the Carrington Mortgage Services, LLC (CMS) Lock Desk, will observe the following schedule:

  • Thursday, December 24, 2020 – Closed for Christmas Eve
  • Friday, December 25, 2020 – Closed for the Christmas holiday
  • Thursday, December 31, 2020 – Close early for New Year’s Eve at 11:00 AM PST (early market closure of 2:00 PM EST)
  • Friday, January 1, 2021 – Closed for New Year’s Day holiday

Normal Lock Desk hours will resume December 28, 2020 and January 4, 2021.

Rate Locks that expire on the holidays will automatically roll to the next business day.  In addition there are some important disclosure considerations associated with the holidays:

  • Friday, December 25, 2020 and Friday January 1, 2021 cannot be included in the rescission period for refinances.
  • Friday, December 25, 2020 and Friday January 1, 2021 cannot be included in the seven (7) business day waiting period between the between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the LE is required, Friday, December 25, 2020 and Friday January 1, 2021 cannot be included in the three (3) day business waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, Friday, December 25, 2020 and Friday January 1, 2021 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.