Carrington Mortgage Services Expands Its Wholesale Business to Include Banks and Credit Unions as Third Party Originators
New program enables banks and credit unions to offer their customers a wider range of lending options while simultaneously mitigating risk
OCTOBER 30, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its offering to include banks and credit unions as approved third party originators. Effective immediately, approved banks and credit unions can partner with Carrington to provide their customers with access to a wide portfolio of loan programs designed to extend the borrowing potential of consumers. The new program also serves as a risk mitigation method for these financial institutions by allowing them to act as third party originators rather than as lenders on both conventional and government loan products.
“This is yet another step in Carrington’s plan to aggressively expand its reach in the changing market and help more people get into the homes they want,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Now more consumers can access Carrington’s extensive lending and servicing capabilities through their neighborhood banks and credit unions. We believe that these institutions will grow to appreciate what makes Carrington an ideal wholesale lending partner for third party originators – breadth of product, competitive pricing and unmatched commitment to help our partners succeed.”
Among the benefits differentiating Carrington from other wholesale lenders is its expedited processing times made possible through the company’s Purchase Promise Program. Carrington’s 21-day loan closing program announced in June was designed to significantly reduce closing times compared to industry averages and applies to both FHA and conventional purchase loans. Per the program’s guidelines, Carrington commits to process any qualifying loan from the time that a complete file is submitted to underwriting to the time that it funds within 21 days – depending on program eligibility – or the company will apply a $995 closing credit to the loan at the time of closing.
Carrington’s range of government products includes FHA, VA and USDA purchase loans, as well as FHA Streamlines and 203k products for borrowers looking to refinance their mortgages. Earlier this year, the company expanded its credit requirements on all government products, reducing the minimum FICO score to 580 to make qualifying for loans easier on the borrower. To further extend lending opportunities among consumers, Carrington also modified its guidelines to include manufactured houses as eligible properties for FHA and VA loan programs, omit overlays for FHA first time home buyer loans, and add non-traditional credit guidelines for FHA borrowers with limited or insufficient credit.
Organizations interested in becoming approved as third party originators of Carrington loans can contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com/TPO for information concerning the application and approval process.