Latest News

Overview Effective on and after April 20, 2020, for all closed loans delivered to Carrington Mortgage Services, LLC (CMS), the Flood Certificate Fee charged will increase from $9.00 to $10.00.  Contacts Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.

Overview As a reminder, Carrington Mortgage Services, LLC (CMS) recently announced a revised lock policy with longer minimum lock terms for loans without appraisal (when required) in the file.  Effective immediately, the lock policy will allow a 15-day lock when all Conditions are Submitted for final Clear to Purchase as shown below: Loan Type Available […]

Overview Here is a simplified guide to help evaluate the permissible Agency appraisal and form requirements during the COVID-19 crisis.  Effective April 13, 2020, and until further notice, all loans delivered to Carrington Mortgage Services, LLC (CMS) for purchase must follow these new procedures. Permissible Appraisal Requirements Loan Type Other Criteria Exterior-Only Allowed Desktop Allowed […]

Overview Effective immediately, Carrington Mortgage Services, LLC (CMS) will require Sellers to transfer all FHA Cases to CMS prior to submission to Underwriting.  The Seller must initiate the case transfer in FHA Connection to the CMS Lender ID (FHA Sponsor Number: 24751-0000-5).  The Case transfer process can take 1-3 business days.  In order to proceed […]

Overview This temporary guidance is effective for all loans submitted on or after April 13, 2020. Carrington Mortgage Services, LLC (CMS) is temporarily updating the debt to income (DTI) guidelines for all credit qualifying loan products. This includes FHA, VA and Conventional products for both Manual and AUS Underwritten loans. As of the effective date […]

Overview Due to severe storms, tornadoes, flooding, landslides and mudslides in Oregon, FEMA has declared the following counties a disaster. Incident Period: February 05, 2020 - February 09, 2020 State FEMA Disaster Declaration Counties Oregon April 3, 2020 Umatilla and Umatilla Indian Reservation Please note: If an appraisal was completed prior to the incident date […]

Overview The IRS has announced a temporary suspension of their Income Verification Express Service (IVES) due to their COVID-19 procedures.  IVES is used by mortgage vendors to obtain IRS transcripts.  It appears that orders placed on and prior to March 26, 2020 will continue to be processed by the IRS, albeit with significant delays, and […]

Overview Carrington Mortgage Services, LLC (CMS) is actively monitoring the spread of COVID-19 (coronavirus) throughout the United States and we understand there may be concerns about its potential impact to our borrowers and loan originations. Our ability to continue to serve our customers is a top priority. This announcement has been updated with additional guidance […]

Overview In observance of Good Friday, the Carrington Mortgage Services, LLC (CMS) Lock Desk will be closed Friday, April 10, 2020. In addition, the Lock Desk will be closing early on Thursday, April 9, 2020 at 11:00 AM PST (early market closure of 2:00 PM EST). Normal Lock Desk hours will resume on Monday, April […]

Overview During the current telecommuting work arrangement Carrington Mortgage Services, LLC (CMS) is operating under, the Carrington Client Services Department will not be taking inbound phone calls and will request that Correspondent Sellers email all inquiries to ClientAdministration@CarringtonMS.com. The team will respond to email inquiries by phone and email as soon as possible. The phone […]