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