New AMC Available – Appraisal Links

Carrington Mortgage Services, LLC is pleased to announce the addition of a new appraisal vendor; Appraisal Links effective September 11, 2015.  Appraisal Links is a national company that utilizes one of the nation’s largest networks of certified appraisers.

You can access the Appraisal Links AMC at the company’s website Appraisal Links.  Credentials for current Retail Associates will be created and emailed to each Associate directly from Appraisal Links.  New Associates will have credentials issued by MLD Administration at the time of onboarding.

As a reminder, the process for applicants to pay for the appraisal upfront is as follows:

  • The Applicant must provide their personal credit card information to the approved AMC directly.
  • All CMS associates are prohibited from collecting the applicant’s credit card information when ordering an appraisal under any circumstances.
  • CMS may never have the applicant’s personal credit card information on file.

For loans where the applicant pays for the appraisal upfront, the appraisal request may only be submitted with the following AMC’s:

  • Solution Star
  • Nationwide
  • Streetlinks
  • ServiceLink
  • Appraisal Links

Refer to the Retail Appraisal Management Procedures for detailed instructions regarding ordering appraisals.

Serving the Underserved Initiative Reaches 10,000 Borrowers

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

 

Up to Max Credit Scores for Government Loans!

Carrington Mortgage Services Wholesale Lending Division is now offering loans from 550 FICO to max credit for your clients on FHA, VA and USDA Purchase and Refinance Programs. Newly Expanded guidelines include manufactured housing, manual  underwriting and use of non-traditional credit.  Contact your Account Executive for details.

Access to credit still biggest hurdle for millennials to enter real estate market

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.

USDA Eligible Area Update

Effective February 2, 2015, the USDA will update the eligible area maps. This reclassification will mostly involve areas that are going from rural to non-rural; however any areas that should have previously been made rural will now become eligible.

If the property is no longer eligible based on the new area maps, the file must be conditionally approved by Rural Development (RD) prior to February 2, 2015. Otherwise, the file property eligibility must be rechecked before submitting to RD.

Dispute Removal Policy Change

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

 

David Grosteffon named wholesale divisional sales manager focused on Credit Unions and Banking relationships

Will focus on “establishing strategic alliances with banks and credit unions”

The wholesale lending division of Carrington Mortgage Services has appointed David Grosteffon as its divisional sales manager for strategic accounts.

In his new position, Carrington said Grosteffon will “manage the company’s focus on establishing strategic alliances with leading community banks and credit unions.”

Prior to joining Carrington, Grosteffon was vice president and sales manager for JPMorgan Chase where he focused on the growth of the JPMorgan private client brand in the Westchester, New York market.

“David Grosteffon’s financial management background and market expansion experience support Carrington’s growth strategy to further extend its reach to meet the unique needs of prospective borrowers – particularly those in the underserved market,” said Ray Brousseau, executive vice president of Carrington’s mortgage lending division.

Prior to his time at JPMorgan, Grosteffon was vice president and sales manager at Household Finance/HSBC in the Westchester market. Earlier in his career, Grosteffon served as regional operations vice president at Fremont Investment and Loan in New York, and regional vice president at CitiFinancial/The Associates in the Colorado, Idaho, Oregon, Washington and Wisconsin markets.

“David and his team are well equipped to effectively manage our partnerships with leading community banks and credit unions, which will play a significant role in contributing to our overall business strategy,” Brousseau added.

As published in Housing Wire

Carrington Mortgage Services Launches Mortgage Broker Marketing Portal

Online tool available exclusively to Carrington Approved Brokers provides easy access to marketing materials for a variety of loan products

Mortgage Broker Marketing from CarringtonThe Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced the launch of www.CarringtonMarketingGenie.com, a mortgage broker marketing portal available exclusively to Carrington Approved Brokers as a value-added service. Carrington Approved Brokers can now market themselves to new and existing customers with professional, targeted materials covering the loan products most needed in their respective markets – regardless of whether or not Carrington currently offers those loan products.

From Carrington’s mortgage broker marketing portal, mortgage brokers can access, customize, order and purchase marketing materials covering a wide variety of loan types, including FHA Purchase and Refinance, VA Purchase and Refinance, USDA, Jumbo, Conventional, Low Down Payment, Co-op, and programs focused on the needs of first-time homebuyers. Having access to tools like this allows brokers to focus on other aspects of their business – most importantly, closing loans.

“Carrington’s broker network plays a significant role in our overall business strategy, and so we take the partnership we have with our brokers very seriously,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “By providing our brokers with access to effective tools to support their customers and grow their respective businesses, Carrington is able to further extend its reach to meet the unique needs of prospective borrowers – particularly those in the underserved market.”

Brokers who are new to Carrington or those interested in becoming approved should call (866) 288-1016, contact theirlocal Carrington account executive, or visit www.CarringtonWholesale.com for more information.

Carrington’s Commitment to Serving the Underserved Market

 An estimated one in three consumers has a FICO credit score below 650 according to industry experts. For these consumers, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle due to the company’s ability to both originate quality loans and appropriately service them after the fact. While Carrington will continue to provide a wide breadth of product and support to borrowers across all ranges of the credit spectrum, the company will increase its attention and focus on providing service to that underserved segment of the market where it can make the most impact – and where its core competencies are obviously needed. To accelerate and further enhance its ability to give this market the attention it deserves, Carrington has lowered its minimum credit requirement to a FICO score of 550, and expanded its guidelines on a number of 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 MyLoanDetail™, 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 borrowers with credit scores of 640 and below to successfully complete the MyLoanDetail online education program prior to funding.

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 43 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, while its commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail, enhance the company’s ability to responsibly extend credit to borrowers – especially those in the underserved market.

Carrington’s wholesale lending products include FHA, VA and USDA loans. 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.

Memorial Day Holiday Lock Desk Hours

  • CMS is closed on Monday, May 26, 2014 in observance of Memorial Day
  • The Lock Desk will be closing early on Friday, May 23, 2014 at  10:00 AM PST
    • Normal Lock Desk hours will resume on Tuesday, May 27, 2014
  • Reminder, Lock extensions need to be requested prior to their expiration

Easter Weekend Lock Desk Hours – April 17 & 18

Carrington will have special Lock Desk hours in observance of The Easter Holiday Weekend.

  • Lock Desk closing early on Thursday, April 17, 2014 – 7:30-1:00 PM PST
  • Lock Desk closed on Friday, April 18, 2014
  • Reminder: Locks must be extended prior to expiration
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