Latest News

Overview The City of Philadelphia has advised that currently, all computer systems in the Prothuonotary's (Chief Clerk’s) office at city hall, as well as all court websites are down. Due to this issue, the city is unable to complete any title search orders at this time. The city hall advised Carrington Mortgage Services, LLC (CMS) […]

Overview Carrington Mortgage Services, LLC (CMS) has made an immediate adjustment to the Correspondent Rate Lock policy. Effective, May 14th, 2019, the Lock Desk will no longer process any lock extensions on VA IRRRL transactions. In addition, automated lock extensions are no longer available in CorrIQ on VA IRRRL loan programs. Contacts Please contact CorrespondentRM@carringtonms.com […]

Overview The Lock Desk will be closed on Monday, May 27, 2019 for Memorial Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, May 28, 2019. Additionally, the Lock Desk will close early on Friday, May 24, 2019 at 10:00 A.M. PST due to the early close of the financial markets. […]

Overview Due to severe storms and flooding in Iowa, FEMA has declared the following counties a disaster. Updated counties are shown in bold. Incident Period: March 12, 2019 Please note: If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required. If an appraisal was not required due […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Carrington Advantage products (CFA, CFA Plus, and Investor Advantage) underwriting guidelines have been revised with the following changes (highlighted in red): Carrington Flexible Advantage / Advantage Plus Guidelines Old Requirements Updated Requirements Added new requirements for Texas Conversion (Refinance) Transactions The state of Texas […]

Overview In response to continued feedback and clarification from the VA and others, the Carrington Mortgage Services, LLC (CMS) VA Interest Rate Reduction Refinance Loan (VA-IRRRL) Guidelines and Matrix are being republished with updated requirements regarding recoupment and NTB. As a reminder, The Protecting Veterans From Predatory Lending Act of 2018 (the Act), was enacted […]

Overview Carrington Mortgage Services, LLC (CMS) issues purchasing dispositions to notify Correspondents of conditions which have not yet been met. Purchasing dispositions are issued with a Conditions Cleared by Date, which is the greater of seven (7) calendar days from the date of the disposition or the lock expiration date. If the Conditions Cleared by […]

Overview HUD recently announced major changes to its approach regarding Down Payment Assistance (DPA) Programs with the release of Mortgagee Letter 19-06.  The effective date for these new DPA requirements was initially announced as April 18, 2019; however, the implementation has subsequently been delayed for 90 days. Due to these pending changes, effective immediately, Carrington […]

Overview Carrington Mortgage Services, LLC (CMS) is pleased to announce the Bank Statement Calculator for use with bank statement income documentation for Carrington Advantage program (Flexible Advantage, Flexible Advantage Plus and Investor Advantage) loans has been revised to include the following enhancements: 12- and 24-month Business Bank Statement calculators now include a “Business Ownership Percentage” […]

Overview Due to recent federal tax law changes that are effective for the 2018 tax year, unreimbursed employee business expenses can no longer be claimed for a tax deduction. In prior years, IRS Form 2106: Employee Business Expenses was a tax form used to validate employees’ deductions for ordinary and necessary expenses related to their […]