Announcement 20-0075: Updated Carrington Advantage Product Guidelines

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Wednesday December 16, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage and Investor Advantage) product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional program information, please review the full guidelines available on carringtoncorrespondent.com.

Underwriting Guidelines
Program Old Requirements Updated Requirements
All Programs Cash out proceeds not permitted to meet reserve requirements. Cash out proceeds permitted for reserves with ≥ 700 FICO.
Prime Advantage Max LTV = 80% for FICOs 700-719 (Full Doc and Alt Doc) Max LTV = 85% for FICOs 700-719 (Full Doc and Alt Doc)
Investor Advantage Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 36 mos Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 48 mos

Refer to the Carrington Advantage Program Matrices for additional information.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.
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