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Carrington Mortgage Services Launches New On Time Closing Promise Program
Offering 15-Day Loan Closings Through Its Wholesale Lending Division
Program features expedited funding process, wider qualifications and fewer restrictions
FEBRUARY 4, 2014 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its successful Purchase Promise Program to offer 15-day loan closings to borrowers looking to purchase or refinance properties. The new On Time Closing Promise applies to the majority of Carrington’s loan programs and offers expanded guidelines for eligibility with fewer restrictions. Carrington commits to be ready to close any qualifying loan within 15 business days of appraisal receipt or the company will apply a $500 closing cost credit to the loan at the time of closing.
Carrington’s On Time Closing Promise provides consumers, brokers and their real estate partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. Having a Carrington loan provides buyers with the peace of mind that their loan can be cleared to close quickly when a seller is ready to move forward with a sale. Expedited processing allows brokers to be compensated faster and helps alleviate concern among real estate agents over sales lost due to a homebuyer’s inability to close in a timely manner.
“In an increasingly service-oriented and purchase-focused lending environment, being able to close quickly or on the buyer’s timeframe is a distinct competitive advantage among agents and brokers,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Carrington’s On Time Closing Promise – the next evolution of Carrington’s service proposition – will allow mortgage brokers to provide a fast and predictable level of service with greater efficiency than any competitive program we’re aware of.”
Certain exclusions apply. For eligibility information and complete details on this and other programs currently offered through Carrington’s Wholesale Lending Division, please contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com/CloseOnTime.
About Carrington Mortgage Services – Mortgage Lending Division
Carrington Mortgage Services, LLC (Carrington) is a residential wholesale and retail loan origination subsidiary of Carrington Mortgage Holdings, LLC. The company is licensed to originate loans in 42 states, the District of Columbia and Puerto Rico, with an experienced team focused on producing high quality loans and error-free transactions. Carrington’s lending products include FHA, conventional, jumbo, VA and USDA loans. Carrington’s advanced technology platform and high-touch customer service provide superior loan origination experiences for retail and wholesale customers alike. Founded in 2007, Carrington is based in Santa Ana, California and is an equal housing opportunity lender. To learn more about Carrington’s wholesale lending division and the company’s current promotions, visit www.CarringtonWholesale.com, or follow us on Facebook, Twitter or LinkedIn.
About Carrington Holding Company
Carrington Holding Company, LLC (CHC) owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions – investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, title and escrow services.
Some of CHC’s affiliate companies include Carrington Real Estate Services, LLC, Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Carrington Home Solutions, L.P., Carrington Escrow, Inc., Carrington Title Services, LLC and Carrington Technology Solutions, LLC. Carrington Mortgage Services, LLC is an equal housing opportunity lender.
To learn more about Carrington Holding Company, visit our website at www.carringtonhc.com.
Office: (949) 517-7197
Mobile: (760) 419-2543
Office: (949) 517-7313
Mobile: (714) 873-4275
Locking Carrington Loans Under the New QM Guidelines
When locking loans with submission dates of 1/10/2014 or later, the CMS underwriting fee is now included in your QM points and fees test (3% Cap rule).
If you wish to have the CMS underwriting fee excluded from your points and fees test, Carrington will apply a corresponding LLPA to the final price of the loan equal to the amount of the fee.
To have the Underwriting Fee applied as an LLPA, please email the CMS lock desk at firstname.lastname@example.org at time of lock. Subject line: Underwriting Fee. Indicate that you choose to have the underwriting fee applied as an LLPA to the final price.
Regarding Changes to Locked Loans:
If the loan has been locked and you wish to change your selection, contact your Account Manager or Account Executive immediately. CMS may need to re-disclose the loan to the borrower.
Automating the UW Fee Selection:
CMS is working to automate the process in Pipeline Manager’s pricing engine. When completed we will notify you immediately.
Topic included in Bulletin W13-155:
- CMS announces the acceptance of Puerto Rico tax returns effective immediately
- Permitted for all programs except LPMI
- Updated Guidelines, Matrices and Forms have been published on the Intranet
- Training will be held the week of December 9, 2013 for Sales and Operations
Download: Bulletin – W13-155 (PDF)