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Overview Due to severe winter storms, straight-line winds, and flooding in Nebraska, FEMA has declared the following counties a disaster. The update for Dawson county is shown in bold. Incident Period: March 9, 2019 to July 14, 2019 State FEMA Disaster Declaration Counties Nebraska March 21, 2019 Antelope, Boone, Boyd, Buffalo, Burt, Butler, Cass, Colfax, Cuming, Custer, […]

Overview The Veteran’s Administration (VA) published Circular 26-19-22 on August 8, 2019. The Circular is effective immediately and clarifies the Recoupment, NTB, Appraisal, Seasoning Requirements, and Loan Comparison Statement requirements for all VA IRRRLs.  All previous Circulars pertaining to VA IRRRLs are superseded by this new Circular.  The Circular is effective immediately. Pipeline Impact: This […]

Overview Ginnie Mae issued APM 19-05 on August 1st which requires all Cash-Out VA loans in excess of 90% LTV to be placed in Ginnie II Custom Securities vs. Ginnie II Multi Issuer Pools (MIP) effective November 1, 2019. The Carrington Mortgage Services, LLC (CMS) capital markets team is currently looking at all options for […]

Overview Carrington Mortgage Services, LLC (CMS) permits the use of Expense Factors to calculate qualifying income using business bank statement documentation for the Carrington Flexible Advantage and Flexible Advantage Plus (CFA/CFA+) products. Effective for submissions dated August 12, 2019 and later, CFA and CFA+ self-employed borrowers using business bank statements for income qualifying must meet […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent guideline enhancements for the FHA loan program. Updates are shown in red. FHA Guidelines Old Requirements Updated Requirements Added Property Assessed Clean Energy Where the subject Property is encumbered with a Property Assessed Clean Energy (PACE) obligation, the sales contract must include […]

Overview Due to severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides in Ohio, FEMA has declared the following counties a disaster. Updated county is listed on bold. Incident Period: May 27, 2019 – May 29, 2019 State FEMA Disaster Declaration Counties Ohio June 18, 2019 Auglaize, Darke, Greene, Hocking, Mahoning, Mercer, Miami, Montgomery, Muskingum, Perry, and […]

Overview Due to severe storms and flooding in Texas, FEMA has declared the following counties a disaster. Incident Period: June 24, 2019 – June 25, 2019 State FEMA Disaster Declaration Counties Texas July 17, 2019 Cameron, Hidalgo, and Willacy Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday, July 15, 2019, the Carrington Advantage (Flexible Advantage/Advantage Plus and Investor Advantage) programs will offer a new Interest-only product option. Interest-Only loans offer borrowers lower monthly payments by allowing borrowers to pay only the interest during the 10 year interest-only period.  Once the […]

Overview Due to severe winter storms, tornadoes, and flooding in Missouri, FEMA has declared the following counties a disaster. Incident Period: April 29, 2019 and continuing State FEMA Disaster Declaration Counties Missouri July 9, 2019 Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, Livingston, Miller, Osage, Pike, Platte, Pulaski, and St. Charles […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the following recent guideline enhancements for the VA loan product. Please note: Substantial changes have been made to the guidelines to align with recent VA Guidance and are summarized below. Refer to the CMS VA Underwriting Guidelines for detailed information. VA Guidelines Topic Updated Requirements […]