Carrington Mortgage Services, LLC Wholesale Lending Division

Holiday Hours

Carrington is closed on December 24, 25 and January 1

The Carrington lock desk will be closed at 10:30 AM PST on Christmas Eve.

 

 

Carrington Mortgage Services

Lock Desk

 
 

Tues, Dec 24, 2013

Closed

Closes 10:30 AM PST

 
 

Wed, Dec 25, 2013

Closed

Closed

 
 

Tues, Dec 31, 2013

Regular Hours

Closes 10:30 AM PST

 
 

Wed, Jan 1, 2014

Closed

Closed

 

Locks that expire on the holidays will automatically roll to the next business day.  All issues related to locks should be sent via email to lockdesk@carringtonms.com.


 

Holiday Rescission Calendar

 
 

If Closing is on:

Rescission Period Ends

Disbursement On

 
 

Thurs, Dec 19

Mon, Dec 23

Thur, Dec 26

 
 

Fri, Dec 20

Tues, Dec 24

Thur, Dec 26

 
 

Sat, Dec 21

Thur, Dec 26

Fri, Dec 27

 
 

Mon, Dec 23

Fri, Dec 27

Mon, Dec 30

 

Fannie Mae Update for Agency Conforming Programs

Important: All loans with DU 9.0 findings must be submitted to CMS Underwriting no later than December 1, 2013

  • Fannie Mae’s Desktop Underwriter was updated to 9.1, not allowing LTVs > 95%
  • This update excludes DU Refi Plus and HomePath
  • DU findings ran under Version 9.0 that have expired require a new DU using 9.1
  • All Loans submitted using Version 9.0 with LTV>95% must be manually locked

Carrington Mortgage Services Further Expands Its Southeastern Coverage with New Wholesale Operations Center in Jacksonville, Florida

As other lenders exit the business, Carrington increases its commitment to wholesale lending with an expanded geographic reach, wide array of products and faster processing times

NOVEMBER 21, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its coverage in the Southeast, adding an operations center in Jacksonville, Florida. This latest addition reflects the company’s ongoing commitment to extending its reach and growing its wholesale business into 2014, even as other lenders are exiting the new purchase-centric market. Focused on extending the borrowing potential of consumers through conventional and government loan products, Carrington is committed to providing what consumers, real estate professionals and brokers rely on: a wide breadth of product, reduced turn times and exceptional service.

The new office, which opened for business on November 18th, is led by Divisional Sales Manager Richard Dybel and Director of Operations Jawana Thomas – both formerly with EverBank Financial Corp., which recently exited wholesale lending. Dybel and Thomas each come to Carrington with more than 20 years of experience in mortgage lending management.

“We’re pleased to open our fourth wholesale operations center, and to welcome industry veterans Richard Dybel and Jawana Thomas to the Carrington family,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “By increasing our Southeastern sales and service footprint under their capable management, we’re taking yet another step toward helping our broker partners grow their businesses, their agents close more loans, and the borrowers they work with get into the homes they want.”

Carrington’s range of offerings includes traditional loans and government products including 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.

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, visit www.CarringtonWholesale.com.

Tax Transcripts on All Conventional Loans

All Conventional loans funded on and after Thursday, November 1, 2013, must include Tax Transcripts and SSN.  Note, that this includes loans that have funded into the month

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.

Important Update Re: Government Shutdown

As we continue monitoring the government shutdown and adapting our operations to the changing environment.  Carrington is now allowing 1099 and Self Employed Borrowers are eligible to close with alternate documentation in lieu of transcript verification.

Self Employed Borrowers require 2 years signed taxes

Recap of modifications and notices:

Conventional Loan Programs

Carrington Mortgage Services, Wholesale Lending Division, will fund Conventional loans, using alternate documentation, without a tax transcript (4506T).

FHA & VA

Carrington continues to fund FHA & VA loans using alternate documentation to meet 4506T requirements.

USDA

USDA loans may continue to be submitted, however, the loan will not fund without conditional approval issued by USDA. All submissions will have limited underwriting performed including initial disclosures and initial review.

Additional notices:
– Signed tax returns are required on all loans that require income to qualify.
– Jumbo loans are not eligible without a tax transcript at this time

Contact your Account Executive for more information.

Carrington Open On Columbus Day – Lock Desk Will Be Closed

Carrington Mortgage Services will be open on Columbus Day (10/14/2013); however, our lock desk will be closed.  Normal lock desk hours will resume on Tuesday, 10/15/2013.  All locks that expire on 10/14/2013, must be extended prior to expiration.  All issues related to locks should be sent via email to lockdesk@carringtonms.com.

The New Pipeline Manager

Pipeline-ManagerCarrington is excited to introduce our new Pipeline Manager.

It’s faster, easier, and more streamlined. More details coming soon. Be sure to attend for one of our online training sessions. Click the desired session below to register.

Contact Carrington for more information.

Request Government Case Numbers Immediately

ImportantNotice

Important information for our brokers.  Carrington Mortgage may be impacted by the potential  Government Shutdown on Tuesday, October 1st.  This action will create either a delay or unavailability of government services.

Immediate action may be needed for your files. We ask our brokers to immediately submit all  FHA/VA/USDA Case Number requests by the following LOCAL time for your assigned operations center:

  • 4:30PM, Enfield, CT (ET)
  • 4:30PM, Fishers, IN (ET)
  • 3:00PM, Santa Ana, CA (PT)

Operations teams are working diligently to prepare files in the pipeline. If there is outstanding documentation required for your loan, please provide it immediately to your Account Manager.

In the event an extension to the government shutdown is provided, Carrington Mortgage will continue to require all FHA/VA/USDA Case Number requests by 3PM local time, the day prior to the potential shutdown.

Contact your Account Executive for more information.

Carrington Holding Company Honored by Elearning! Magazine

September 18, 2013tom.shawCompany News

Carrington Holding Company Honored by Elearning! Magazine for Its Learning Culture, Innovation and Organizational Performance

 Residential real estate transaction services provider named one of the top 100 learning organizations in the world

 SEPCarrington Honored by Elearning Mag.TEMBER 18, 2013 – SANTA ANA, CA – Carrington Holding Company, LLC (Carrington) today announced it has been honored by Elearning! Magazine as a Learning! 100 award winner. Nominated for the award by cloud-based learning solutions provider SkillSoft, Carrington joins an impressive list of organizations honored for their efforts to drive business performance through e-learning. Carrington was honored at the Learning! 100 awards dinner reception on August 26, 2013 at the Enterprise Learning! Conference & Expo (ELCE) in Anaheim, Calif.

Read more →

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