Latest News

Overview The VA has made key application updates to Loan Guaranty systems to support the recent Blue Water Navy legislation. Appraisers now have the option to use AAPP (Assisted Appraisal Processing Program) and those associated application changes have only been made to the webLGY Hub Appraiser Workspace. In order to use the appropriate functionality for […]

Overview Effective for loans closed beginning January 1, 2020, VA will guaranty 25% of the loan amount for Veterans with full entitlement seeking a purchase or cash out refinance loan in excess of $144,000, regardless of the FHFA Conforming Loan Limit. Veterans with full entitlement seeking a purchase or cash out refinance loan that exceeds […]

Overview Effective with appraisals ordered on and after January 1, 2020, VA will permit VA fee panel appraisers to utilize the Assisted Appraisal Processing Program (AAPP) process and rely on information provided by other appraisers. Carrington Mortgage Services, LLC (CMS) will accept AAPP appraisals on VA loans as this new process improves service to veteran […]

Overview The Lock Desk at Carrington Mortgage Services, LLC (CMS) will be closed on Monday, January 20, 2020 for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 21, 2020. Rate Locks that expire on the holiday will automatically roll to the next business day.  In […]

Overview As a reminder, on the date of purchase by Carrington, the unpaid principal balance of the loan will be calculated based on the effective servicing transfer date. Loans purchased on or before the 10th business day of the month; the effective servicing transfer date will be the first day of the month following the […]

Overview FHA Loans: For calendar year 2020, the Department of Housing and Urban Development (HUD) announced the following maximum first mortgage loan limits that will apply to FHA loans with case numbers assigned on and after January 1, 2020 through December 31, 2020: FHA Loan Limits Units Low Cost Areas High Cost Areas Alaska and […]

Overview During the holiday season the Carrington Mortgage Services, LLC (CMS) Lock Desk, will observe the following schedule: Tuesday, December 24, 2019 – Close early for Christmas Eve at 11:00 AM PST (early market closure of 2:00 PM EST) Wednesday, December 25, 2019 – Closed for the Christmas holiday Tuesday, December 31, 2019 – Close […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 5, 2019, CMS will introduce the new Carrington Prime Advantage program with Fixed, ARM and Interest-only ARM options. Carrington Prime Advantage allows alternative income documentation along with competitive pricing and loan amounts up to $2,500,000 and is designed for higher-credit-quality, non-agency borrowers […]

Overview The Federal Housing Finance Agency (FHFA) has issued the following maximum first mortgage loan limits that will apply to conventional loans for acquisition by Fannie Mae / Freddie Mac with a note date on and after January 1, 2020. 2020 Conventional Loan Limits Units Conforming Amount - Contiguous States and District of Columbia Conforming […]

Overview VA has announced the VA Funding Fee rates for purchase and cash out refinance transactions will change effective for loan transactions closed January 1, 2020 and later. Please note: Interest Rate Reduction Refinancing Loans (IRRRLs) are not impacted by this change. Funding Fee Updates Funding Fee rates are generally increasing for first time use […]