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Overview Due to Hurricane Laura in Louisiana, FEMA has declared the following counties (parishes) a disaster. Incident Period:August 22, 2020 – August 27, 2020 State FEMA Disaster Declaration Counties Louisiana August 28, 2020 Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon Please note: If an appraisal was completed prior to the incident date of the […]

Overview Due to California wildfires, FEMA has declared the following counties a disaster. Incident Period:August 14, 2020 and continuing State FEMA Disaster Declaration Counties California August 22, 2020 Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma and Yolo Please note: If an appraisal was completed prior to the incident date of the disaster, a […]

Overview Due to severe storms and flooding in Michigan and earthquakes and aftershocks in Utah, FEMA has declared the following counties a disaster. State FEMA Disaster Declaration Incident Period Counties Michigan July 9, 2020 May 16, 2020 -May 22, 2020 Arenac, Gladwin, Iosco,Midland, and Saginaw Utah July 9, 2020 March 18, 2020 -April 17, 2020 […]

Overview As previously announced, Carrington Mortgage Services, LLC (CMS) reintroduced cash-out refinance transactions under the conventional loan program. To clarify, these transactions are subject to the following guideline overlay.  This change is effective July 6, 2020. Maximum Backend DTI 44% The pricing engine has been updated to manage the overlay requirements beginning with the initial […]

Overview Due to recent changes in market conditions, Carrington Mortgage Services, LLC (CMS) is pleased to announce cash-out refinance transactions have been reinstated under the conventional loan program. Effective immediately, CMS will accept new loan submissions for conventional cash-out refinance transactions. Refer to the CMS Correspondent Rate Guide for additional details and current conventional loan […]

Overview The Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, July 3, 2020 for Independence Day, which is the observed Federal Holiday.  Additionally, the Lock Desk will close early Thursday, July 2, 2020 at 11:00 A.M. PST due to the early close of the financial markets. Normal lock hours will resume on […]

Overview Effective July 1, 2020, all rework of terms requested after Carrington Mortgage Services, LLC (CMS) issues a Clear to Close are subject to the Resubmission turn times. If a rush is needed, it will be subject to a $150 fee that will be added on the purchase advice. Please note: Turn times are subject […]

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 […]

Overview Effective June 19, 2020, Carrington Mortgage Services, LLC (CMS) will implement the following new mailing address for borrowers to send their payments: Carrington Mortgage Services, LLCP.O. Box 660586Dallas, TX 75266-0586 The CMS Correspondent Seller Guide is updated to reflect this new payment address The Correspondent Seller must ensure all Payment Letters and Servicing Transfer […]

Overview The VA requires that Veterans’ funding fee exemption information is up-to-date at the time of closing to avoid incorrect charges to exempt Veterans.  Lenders may not advise Veteran borrowers who believe they are exempt from paying the funding fee to close on a loan without first establishing the borrower’s funding fee exemption status. Updated […]