Broker Job Aid – The Carrington Loan Pricing
Important Things to Know
The Carrington Loan (TCL) includes all recurring and non-recurring closing costs. At the customer’s option, CMS can
include the Impounds into the pricing. When pricing out a TCL, the Broker and/or LO needs to complete the following:
1.
2.
3.
4.
5.
6.
7.
Take a complete application
Accurately complete the Aggregate Setup on the 2010 Itemization form
Determine if Impounds will be included into Pricing
Determine if there are any Seller Concessions
Determine applicant’s base rate
Choose Broker Comp plan from Matrix (processing fee must be factored in)
Choose correct pricing tier from Total Expense Matrix
Pricing the Carrington Loan Manually
1. Locate the following information within applicable LOS:
a. Applicant’s Loan to Value (LTV)
b. Applicant’s Fico Score (Decision Making)
c. Type of Loan Program (FHA, VA, Etc…)
d. State where subject property is located
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Broker Job Aid – The Carrington Loan Pricing
Pricing the Carrington Loan Manually
2. Locate the Wholesale Carrington Loan Price Sheet to determine your base rate:
a. Determine the correct region (A or B)
b. Locate applicant’s Loan Program & Term (FHA/VA & 20, 25 or 30)
c. Locate applicant’s FICO range (from step 1 above)
d. Locate applicant’s LTV range (from step 1 above)
3. Determine Broker’s Comp % by reviewing the Carrington Loan Broker Comp Add-On Calculator
Tip: The Carrington Loan Broker Comp Add-On Calculator is located on Home screen of
www.carringtonwholesale.com under Products, click The Carrington Loan
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Broker Job Aid – The Carrington Loan Pricing
Pricing the Carrington Loan Manually
4. Locate the Wholesale Broker Compensation Matrix to determine the adjustment to Base rate: (Ex. 4.50%)
4.500%
0.250%
5. Determine Total Carrington Expense by reviewing the Carrington Loan Add-On Calculator
Tip: The Carrington Loan Broker Add-On
Calculator is located on Home screen of
www.carringtonwholesale.com under
Products, click The Carrington Loan
4.21%
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Broker Job Aid – The Carrington Loan Pricing
Pricing the Carrington Loan Manually
6. Locate the Wholesale Total Carrington Expense Matrix that is sent each morning to determine the second
adjustment to Base rate
7.
4.500%
1.125%
Pricing the Carrington Loan in Optimal Blue
1. Navigate to Pipeline Manager and click Product & Pricing. Complete all mandatory fields to run pricing in
Optimal Blue and complete 2 additional steps:
a. Locate the Broker Comp Matrix dropdown menu
b. Select the applicable % tier
c. Locate the Total Expense Matrix dropdown menu adjacent to the Broker Comp Matrix
d. Select the applicable % tier
e. Click Submit
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Broker Job Aid – The Carrington Loan Pricing
g
Pricing the Carrington Loan in Optimal Blue
2. You can see that the outcome is the same as your manual calculation [add base rate plus both adjustments:
(Ex. 4.50 -.25 + 1.125 = 5.375%)]
How to Apply Seller Concessions
1. Broker should apply Seller Contributions by listing on the Carrington Add-On Calculator
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