During the holiday season Carrington Mortgage Services, LLC (CMS) will observe the following schedule:
- Friday, December 23, 2016 – MLD open regular business hours
- Monday, December 26, 2016 – Closed for the Christmas holiday
- Monday, January 2, 2017 – Closed for New Year’s Day holiday
The Lock Desk will be closed December 26, 2016 and January 2, 2017 which are Federal holidays. Due to the holidays, the Lock Desk will be closing early on Friday, December 23, 2016 and Friday, December 30, 2016 at 10:00 AM PST. Normal Lock Desk hours will resume December 27, 2016 and January 3, 2017.
Rate Locks that expire on the holidays will automatically roll to the next business day. In addition there are some important disclosure considerations associated with the holidays:
- Monday, December 26, 2016 and Monday January 2, 2017 cannot be included in the rescission period for refinances.
- Monday, December 26, 2016 and Monday January 2, 2017 cannot be included in the seven (7) business day waiting period between the between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan.
- When re-disclosure of the LE is required, Monday, December 26, 2016 and Monday January 2, 2017 cannot be included in the three (3) day business waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
Issues related to locks should be sent via email to firstname.lastname@example.org.
The Lock Desk at Carrington Mortgage Services, Wholesale Lending Division, will be closed Monday, October 12, 2015 in observance of Columbus Day, which is a Federal Holiday.
Normal Lock Desk hours will resume on Tuesday, October 13, 2015. Carrington Mortgage Services (CMS) offices will be open normal business hours on Monday, October 12th, 2015.
As a reminder, pursuant to the Lock Desk Policy all lock extensions need to be requested prior to their expiration.
In addition, there are some important disclosure considerations associated with the holiday:
- Monday, October 12, 2015 cannot be included in the rescission period for refinance.
- Monday, October 12, 2015 cannot be included in the seven (7) day business day waiting period between the date the initial TIL was provided to consummation.
- When re-disclosure of the TIL is required,Monday, October 12, 2015 cannot be included in the three (3) day business waiting period between the date the revised TIL was provided to the borrower and the consummation of the loan.
Issues related to locks should be sent via email to email@example.com.
ANAHEIM, Calif., Aug. 4, 2015 /PRNewswire/ — Carrington Mortgage Services, LLC (Carrington) today announced that the company’s “Serving the Underserved” initiative launched in 2014 has now aided over 10,000 borrowers with their home financing. Driven by Carrington’s commitment to create a more transparent and manageable home loan process, the program offers simplified loan offerings for first-time home buyers, many of whom have a FICO credit score below 640. As of July 2015, Carrington has originated over $1.8 billion in home loans for borrowers with credit scores below 640. Fifty-seven percent of the home purchase loan originations were from first-time home buyers. This growth aligns with a national trend reflected in the percentage of Federal Housing Administration loans originated for borrowers with credit scores below 640, which is up 125% in just two years.
“Our goal is to simplify the path to home ownership wherever feasible and demystify the complexity that often surrounds the loan process,” said Carrington Mortgage Services Mortgage Lending Division Executive Vice President Ray Brousseau. “Our tailored programs help those who do not have sufficient cash on hand or may feel like their credit score isn’t strong enough to fulfill their dream of homeownership.” … Read More on Yahoo Finance
Loan program eliminates 100% of closing costs, simplifying loan process for mortgage broker partners and their borrowers
MAY 27, 2015 – SANTA ANA, CA – Carrington Mortgage Services, LLC (Carrington) today announced that beginning May 2015, it will make The Carrington Loan available through its national wholesale lending division. Developed in support of Carrington’s commitment to serve the “underserved” market and first time home buyers, The Carrington Loan offers borrowers a more transparent, simplified home loan process with no closing costs or upfront financing fees to facilitate home purchases.
“The Carrington Loan simplifies the loan process and improves the experience to help remove the anxiety often associated with a mortgage loan, particularly for those who do not have sufficient cash on hand to pay upfront financing fees, appraisal and closing costs,” said Carrington Mortgage Services- Mortgage Lending Division Executive Vice President, Ray Brousseau. “With The Carrington Loan, there is no need for a mortgage broker to modify the rate after it is presented to the borrower to offset loan costs and loan closing fees, and unexpected increases to estimated closing costs are not an issue. Removing these barriers simplifies the process for our mortgage broker partners and their borrowers who desire to fulfill their dream of homeownership.”
This initiative presents additional opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors to extend their purchase home loan offerings. In addition, mortgage brokers who specialize in refinance opportunities provide The Carrington Loan as an option for FHA/VA borrowers. Carrington has started providing Carrington Loan training to its broker partners throughout the program’s launch period. Mortgage brokers can sign up for the company’s “Daily Rate Report” and view the webinar schedule at www.CarringtonWholesale.com or connect with a Carrington account executive for upcoming training dates and times.
The Carrington Loan is unique in that:
- There are no closing costs, appraisal fees, or lender financing fees.
- Carrington pays all eligible loan costs as lender credits.
- If any unanticipated lender costs arise, Carrington will issue a credit to cover them. This may include additional title or escrow service charges from the title or settlement company.
According to industry experts, one in three consumers has a FICO credit score below 650. For these consumers, and the brokers and agents working with them, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle. Last year, Carrington lowered its minimum credit score requirement to 550, and expanded its guidelines on FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.
As advocates of borrower education and in support of the company’s commitment to meeting the needs of the underserved market, Carrington developed patent-pending MyLoanDetailTM, a proprietary online loan review resource designed to improve the financial literacy of its customers by walking every customer through the details of their loan. This education initiative will help to ensure borrower understanding of loan terms and responsibilities. Carrington requires all of its customers to complete MyLoanDetail prior to funding.
To learn more about The Carrington Loan visit www.CarringtonWholesale.com. The Carrington Loan is a government insured loan program, and any upfront mortgage insurance or funding fee that may be required by a government agency may either be financed into the loan amount or paid by the borrower in cash at closing. Borrowers are responsible for any services requested by the borrower that are not required as part of the loan, including, but not limited to rate-lock extension fees, survey fees, and home warranty costs.
About Carrington Mortgage Services – Mortgage Lending Division
Carrington Mortgage Services, LLC (Carrington; NMLS ID 2600) is a residential retail and wholesale lending subsidiary of Carrington Holding Company, LLC. Founded in 2007, the company is based in Santa Ana, California and is an equal housing opportunity lender licensed to originate loans in 46 states, the District of Columbia and Puerto Rico. With an experienced team focused on producing high quality loans and error-free transactions, Carrington’s advanced technology platform and high-touch customer service provide superior loan origination experiences for consumers at all credit levels, including those in traditionally underserved markets. The company’s commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail™, enhance their ability to provide customized solutions for borrowers, including FHA, conventional, jumbo, VA and USDA loans. To learn more about Carrington’s wholesale lending division, visit www.CarringtonWholesale.com.
About The Carrington Companies:
The Carrington Companies own and operate multiple businesses that cover virtually every aspect of single family residential real estate transactions through investments in U.S. real estate and international mortgage markets, loan origination and servicing, asset management and property preservation, real estate brokerage, title and escrow services. To read more visit: www.carringtonhc.com.
Through its collective associates made up of Carrington leaders and employees, the company’s non-profit organization, Carrington Charitable Foundation, seeks to promote giving back to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation and the organizations and programs it supports through specific fundraising efforts, please visit: http://carringtoncf.org.
Office: (949) 517-7313
Mobile: (714) 873-4275
Check it out:
Just published, Access to credit still biggest hurdle for millennials to enter real estate market by Ray Brousseau, EVP Mortgage Lending, Carrington Mortgage Services, LLC at Inman.com.
This article is part of our ongoing series with Inman.com to provide mortgage content for their realtor audience.
Effective immediately, Experian has revised their policy related to removing dispute comments from an account. They will now accept the attached letter signed by the borrower (click here). Please note that TransUnion will also accept the attached letter signed by the borrower. Equifax will accept either a creditor letter OR the attached letter signed by the borrower.
As seen on:
Mortgage Orb [link] http://www.mortgageorb.com/e107_plugins/content/content.php?content.14982
National Mortgage Professional [link] http://nationalmortgageprofessional.com/news46712/carrington-launches-new-15-day-closing-program-wholesale-division
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.
As the housing market changes, so does its underwriting requirements.
What a difference a year can make. Following what seemed like an eternity of foreclosure spikes and depressed home values, the U.S. economy and housing market finally went into recovery mode this past year. Home values in many markets saw double-digit appreciation, resulting in a shift back toward traditional purchase loans after years of distressed sales dominating the market.
Even with all of this positive momentum, many brokers and originators find themselves beginning 2014 feeling troubled by lagging consumer confidence. With the recent federal-government shutdown, continued debt-ceiling debate and predictions of rising interest rates weighing heavily on the minds of consumers, lenders now are trying to prove their ability to get borrowers into the homes that they want.
One thing seems clear, however: A new era has arrived, one that will be shaped by shifting underwriting demands. What should your organization know to make the most of this new day?
As 2014 begins, refinances — once the lending community’s bread and butter — continue to decline rapidly, forcing mortgage banks and brokerages to rethink their target markets and the way that they compete for purchase business. And the competition is fierce; even traditional lenders and big banks are working hard to get ahead.
Remaining competitive in this new landscape requires an ability to offer consumers — and the real estate professionals and loan
brokers who serve them — more of what they need in this market: a breadth of products, speedy processing times and more realistic
expectations regarding what constitutes an acceptable credit score today. Above all, however, the most important deliverable is simply
the ability to close, something that depends on underwriting that’s efficient and thorough.
To better understand why effective underwriting is more important than ever, let’s take a closer look at what matters most among today’s consumers and the professionals who work for them.
To account for the unique financial situations and expectations of a larger pool of borrowers, mortgage banks and lenders must expand
their offerings to include a wide variety of conventional and government-loan products. The growing number of government offerings available to borrowers is impressive and well worth the consideration of organizations looking to grow their portfolios — provided they keep in mind that processing these loans can present some challenges.
Effective government lending requires a deep knowledge of underwriting terms. Because of the various exceptions that must be considered, these loans rely heavily on manual underwriting, a process that may seem foreign to underwriters who entered the field in the wake of advanced processautomation tools designed to expedite turn times.
Today’s underwriting teams must be trained to account for the difficulties associated with processing loans that are driven by exceptions to the norm. That means mortgage banks and lenders should encourage their more-seasoned underwriters to mentor less-experienced staff members, educating them on how to process loans the “old school” way while still focusing on efficiency.
In today’s housing market, the ability to close quickly — regardless of loan type — is crucial. Consumers depend on this speed to avoid losing their homes to other buyers, and agents rely on it to ensure that they get paid.
According to Ellie Mae, the mortgage industry’s average time to close a purchase loan was 46 days in 2012. Although this average has improved slightly over the past year (dropping to an average of 43 days this past September), further enhancement across the industry is in order.
Ideally, an average of 25 days to close should be the new standard. This requires significant process refinements in terms of
underwriting, which has been a major area of focus for many mortgage banks and lenders. Investments made in this regard can pay off in terms of significantly expedited processing times, reducing the time to close to as few as 15 days in some cases.
By providing borrowers with a shorter, more predictable timeline during what can be a stressful waiting period, mortgage bankers and originators can have a competitive advantage in many of the nation’s tight housing markets. By promising qualified borrowers that their documents will be ready for closing within 25 days or fewer, your mortgage bank can make itself a go-to lender among a growing number of
In the wake of the recession and the related housing-market meltdown, mortgage banks and lenders should take a fresh look at their qualification requirements for borrowers and make sure that they match up with reality. Otherwise, they could be overlooking potential groups of borrowers, including those who temporarily may have been affected by a lagging job market and now are employed.
Although many banks still require FICO scores higher than 700, this expectation may be overlooking millions of otherwiseeligible borrowers. Additionally, there should be greater flexibility concerning the appropriateness of conforming, high balance and jumbo loan options.
To accommodate the needs of today’s market, some mortgage banks and lenders have expanded their credit requirements, reducing their minimum FICO scores to 580 for certain products and making the qualification process easier on borrowers. This decision can help a mortgage bank widen its pool of applicants and also attract the attention of other banks and credit unions that may wish to sign on as third-party originators to better serve their customers.
It should be noted that lowering credit expectations means taking on an additional risk. That said, this risk can be minimized
considerably in the underwriting process by requiring lower loan-to-value ratios and by reserving part or all of the fees and gain on
sale as part of the credit-risk management process. It’s clear from historical data that requiring more money down greatly lowers the probability of loan defaults.
For some time now, the mortgage community has been preoccupied with the uncertainties surrounding the qualified mortgage (QM) rule set to take effect this month. The mortgage industry continues to wait for additional guidance from the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture concerning the guidelines specific to their government products. Mortgage professionals, however, are beginning to understand generally what will be needed for conventional loans.
Mortgage professionals should pay close attention to whatever transpires in terms of approved regulations and begin to anticipate
possible outcomes. As various mandated changes become more apparent across the industry, mortgage banks and lenders that have been tracking the various compliance and underwriting implications will be in the best position to execute the necessary program changes fluidly and move to market QM loans faster, making the brokers and real estate professionals that they partner with more successful and the clients of these parties their biggest fans.
Although the looming QM mandate has resulted in some originators making plans to focus their businesses on non-QM products, these loans may prove to be just as much work as QM loans. Moving forward, all loans — QM and non-QM — likely will require full documentation, and their debt-to-income ratios will continue to figure prominently in mortgage professionals’ business.
In other words, whether you’re originating QM loans or non-QM loans, ultimately it’s the underwriting that will make or break your
company. In time, banks and other lenders with the ability to underwrite and approve all types of loans should have a natural advantage
in attracting repeat business.
• • •
Just as the housing market continues to evolve, the assumptions, strategies and processes of lenders are changing in a big way. Competing in this new era requires demonstrated excellence on the underwriting front, as well as a dedication to helping more consumers achieve their full borrowing potential while preserving the integrity and risk parameters of the business.
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