Carrington Mortgage Services, LLC Wholesale Lending Division

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 →

Carrington Wholesale Expands to Delaware

As of September 16, 2013, Carrington Mortgage Services, Wholesale Lending Division will be originating loans in The State of Delaware.  Ask your local Account Executive for details.

Labor Day

On Monday, September 2, 2013, Carrington Mortgage Services will be closed in celebration of Labor Day.

The Carrington lock desk will close on Friday, August 30, 2013, at 2 PM PST, be closed throughout the holiday weekend, and will resume normal hours again on Tuesday, September 3, 2013.

Carrington Mortgage Services Names Industry Veteran Rey Maninang Senior Vice President and National Sales Director for Wholesale Lending

Company continues its commitment to expanding the reach of its wholesale channel 

AUGUST 6, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced the appointment of industry veteran Rey Maninang to Senior Vice President and National Sales Director for the company’s wholesale channel. This decision reflects Carrington’s ongoing commitment to strengthening its leadership team and to better serving consumers and brokers through its wholesale lending operation.

In his new role, Maninang will assume responsibility for overseeing Carrington’s wholesale production sales team, providing strategic direction and managing funded volume, profitability, revenue and  recruitment to increase market share, operational and customer metrics, as well as driving customer service initiatives for growth and retention. He comes to Carrington with an industry history spanning more than 20 years – the majority of which he spent in senior leadership positions. Most recently, he served as Senior Vice President and National Head of Sales for PMAC Lending Services’ wholesale and retail channels.

“I’m pleased to welcome Rey Maninang as Senior Vice President and National Sales Director for our wholesale lending operation,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Carrington’s continued growth plan for wholesale lending calls for increasing our capacity, expanding our offerings and widening our reach into new markets – all of which will require the expertise and guidance of a strong leader. With Rey’s knowledge, passion and enthusiasm, I’m confident in his ability to lead our wholesale team toward effectively meeting the increasing demands of the market and providing enhanced service to our growing customer base.”

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 41 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 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.

Carrington Mortgage Services Rounds Out Its Government Offering with USDA Loans

Loans requiring low down payments and no cash reserves are now available through the company’s retail and wholesale lending channels

JULY 29, 2013 – SANTA ANA, CA – Carrington Mortgage Services, LLC (Carrington) today announced that it has broadened its portfolio of government loan programs by offering USDA loans through its retail and wholesale lending operations. Requiring low – and in some cases no – down payment or cash reserve, Carrington’s USDA loan program complements the company’s existing range of government products designed to increase the borrowing potential of real estate consumers, offering them, the agents and the brokers who serve them a competitive advantage in today’s real estate market.

With a USDA loan through Carrington, eligible borrowers can obtain up to 100 percent financing on a home’s appraised value. Purchase, Rate/Term Refinance and Streamline Refinance options are available to borrowers with a debt-to-income ratio of 29/41 and a minimum FICO score of 580 (other restrictions may apply).

“Carrington is deeply committed to providing a wide range of products that meet the individual needs of borrowers – and that give the real estate professionals and brokers who serve them the confidence to close transactions,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “By adding USDA loans to our government-based portfolio, we’re providing consumers with an additional lending option that can make purchasing or refinancing a property more accessible.”

In addition to its USDA loan program, Carrington offers FHA and VA purchase loans, as well as FHA Streamlines and 203k products for borrowers looking to refinance their mortgages. The company recently 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, the company has 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.

For complete details on Carrington’s government loan products and to determine eligibility, contact a Carrington account executive at (866) 453-2400 or visit http://www.carringtonwholesale.com. Real estate agents can connect with their local Carrington loan officer for more information or connect with a loan officer through www.CarringtonHomeLoans.com.

Carrington Mortgage Services Expands its Northeastern Coverage with Rhode Island Wholesale Branch

Company’s wide array of products and faster turn times attract brokers, agents and borrowers

JUNE 26, 2013 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its coverage in the Northeast, adding a branch office in Rhode Island. This latest addition reflects the company’s ongoing commitment to extending its wholesale market reach while attracting some of the best talent the mortgage industry has to offer.

The new branch employs a seasoned team of professionals bringing with them a combined 67 years of mortgage lending experience. In this constantly evolving real estate market, Inside Sales Manager Kevin DeLory will lead the office and call upon his proven expertise in assembling top-producing professionals who consistently deliver the premiere service experience that mortgage brokers require.

“My team and I are looking forward to making Carrington the wholesale lender of choice in the Northeast and are anticipating rapid growth over the next 90 days,” said DeLory. “Carrington’s commitment to providing quality product offerings that enhance a broker’s ability to compete in the market is just one example of its emerging industry leadership – something that attracted us to the company in the first place.”

This year, Carrington launched three initiatives providing opportunities for brokers to widen their markets and approach their businesses with confidence:

·         The 30-Day Loan Purchase Promise Programproviding consumers, brokers and their realtor partners with a shorter, more predictable timeline to secure financing for FHA and conventional purchase loans.

·         The21-Day Loan Purchase Promise Programfurther reducing the turnaround time for qualifying FHA and conventional purchase loans, and offering expanded guidelines for eligibility, including wider qualifications and fewer restrictions compared to the 30-Day Loan Closing Program

·         The FHA Streamline Ready to Close Programenabling borrowers to close eligible refinance loans any day of the month with no additional interest, allowing them to take advantage of possible lower rates and expediting compensation timelines for brokers.

“Carrington is well-positioned as the go-to lender for brokers, borrowers and agents looking for quality loans with flexible and fast closings – products that offer them a competitive advantage in a tight market,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “We’re thrilled to welcome Kevin DeLory’s team to Carrington, where we know their extensive lending expertise and exceptional customer service will prove essential in serving Carrington clients in the Northeast.”

About Carrington Mortgage Services – Mortgage Lending Division

Carrington Mortgage Services, LLC – Mortgage Lending Division is the residential wholesale and retail loan origination division of Carrington Holding Company, LLC.  The company is licensed to originate loans in 43 states and the District of Columbia, 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 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, please visit www.CarringtonWholesale.com.

Media Contacts:       

Michelle Schneider

Office: (949) 517-7197

Mobile: (760) 419-2543

Michelle.Schneider@carringtonmh.com

 

Christine Stricker

Office: (949) 517-7313

Mobile: (714) 873-4275

Christine.Stricker@carringtonmh.com

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