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.
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.
Office: (949) 517-7197
Mobile: (760) 419-2543
Office: (949) 517-7313
Mobile: (714) 873-4275
Please be advised, all brokers ordering appraisals through Nationwide Property & Appraisal Services, there is a new ordering system and web page currently being utilized. Nationwide is in the process of emailing all registered users their new system credentials which include a training manual, website link and new user names and passwords.
Carrington Mortgage is pushing back on the market with a reduction in FHA price adjustments, effective now. Already in Pipeline Manager, submit a loan today.
FHA Credit Adjustments:
- FICO 620-639, Reduced 75bps to now, 100bps
- FICO 600-619 Reduced 125bps to now, 150bps
Get notified of promotions and important information, join our email list.
Along with the addition of the Manufactured Housing property type for FHA loans, and expanded guidelines for first time home buyers, Carrington is your FHA lender of choice. Click here for eligible property/collateral for manufactured housing.
Contact your Account Executive for more information.
Carrington Mortgage has improved pricing 20bps on FHA Loans, purchase and refinance (including Streamline). Already in Pipeline Manager, submit a loan today.
Expanded Guidelines on FHA Programs Just Released
Get notified of promotions and important information, join our email list.
FTHB (First Time Home Buyer), FHA Purchase:
- No overlays with DU Approve/Eligible
Manufactured Housing, FHA Purchase and Refinance: Eligible Property/Collateral
- Property must meet MPR (Minimum Property Requirements) or MPS (Minimum Property Standards) on manufactured housing per HUD’s guidelines.
- The foundation must follow FHA guidelines as published in PFGMH (The Permanent Foundation Guide for Manufactured Housing).
- Property must have been constructed after 1993 – cannot be > 20 years old.
- Must have minimum 400 sq ft floor area
- Property must be classified as real estate and must be permanently affixed to the foundation. The title policy must clearly state the manufactured home and land are classified as real estate. Certification of purged title is required.
- Any changes to the original home after leaving the factory require an inspection by the State Administrative Agency.
- The finished grade elevation beneath the manufactured home/lowest finished exterior grade (ie: basement) adjacent to the perimeter enclosure must be at or above the 100-year return frequency flood elevation (flood zones A or V) and flood insurance is required.
- The perimeter wall must be a continuous wall, adequately secured to the unit, separates the crawl space from back fill, allows for proper ventilation of the crawl space and keeps out vermin and water.
- Termite report is required
- New construction requires final inspections completed in accordance with HUD’s Architectural Processing and Inspections for Home Mortgage Insurance.
- Appraisal is to be completed of Fannie Mae Form 1004C or 1073 (if located in a condominium project).
- Appraisal must demonstrate the marketability of the property and contain comparable sales of manufactured homes.
- Engineers Certification on Foundation Compliance is required unless transaction is a Streamline Refi or HUD REO.
- Maximum mortgage term is 30 years
- No mobile homes allowed.
The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has increased its sales staff, adding 14 professionals focused on offering brokers and borrowers a competitive advantage in a tight housing market through expanded in-market service. Carrington’s latest hires include Fishers, IN Sales Manager James Torrence, along with 13 new account executives distributed as needed in locations across the U.S.
The recent boost in headcount is the latest development in Carrington’s strategy to bolster its wholesale lending business by expanding its breadth of product and extending its market reach. Earlier this year, the company launched two initiatives aimed at more effectively serving brokers and their realtor partners, allowing them to widen their markets and approach their businesses with confidence: a 30-Day Loan Closing Program providing consumers, brokers and their realtor partners with a shorter, more predictable timeline to secure financing, and an FHA Streamline Ready to Close Program enabling 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. FHA 203k loans are expected to become available through Carrington’s Wholesale Lending Division later this month, providing opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors throughout the front-end lifecycle of these loans, thereby maintaining involvement and increasing the potential for repeat or referral business.
“Carrington has worked diligently to refine its operational processes over the past year, enabling us and the brokers we partner with to offer an extended product portfolio backed by exceptional service,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “We have significantly grown our sales staff in order to more effectively share the benefits of these advancements with a larger base of brokers, realtors and borrowers, and to support the growing demand for quality loans and flexible, expeditious closings across these groups.”
In addition to facilitating Carrington’s bicoastal market expansion, the recent infusion of new sales personnel has provided opportunities for internal advancement for Carrington employees like Rich Marfino, who was recently promoted from Account Executive to Area Sales Manager for Florida. Other recent promotions within the division include Samuel Bjelac to Division Sales Manager for the Eastern U.S., Chris Dauria to Division Sales Manager for the Western U.S., Brad Winters to Inside Sales Manager for the Western U.S., and Christine Lacey to Sales Manager for the Western U.S.
The Lock desk will be closed on Friday, March 29th and retuirn to normal business hours on Monday, April 1st.
Additionally, on Friday, March 29, 2013 FHA Case Number Requests will not be accepted after 1:00 PM PST. Case Number requests received after 1:00 will be ordered on Monday, April 1, 2013.
As of Monday, March 25, 2013 Appraisal Management Solutions and HVCC Appraisal Ordering will not be accepted by Carrington. Please make arrangements due to these changes.
View our complete list of AMCs here in our broker center.
Notice to our broker community. Carrington Mortgage Services’ partner in broker signup, approval, and recertification has closed their services via their site starting Friday, 3/15 through Sunday 3/17 and will resume operations Monday, 3/18 during normal business hours.
If you require assistance, please contact your Account Executive for more information.
Shorter processing times offer brokers and borrowers a competitive advantage in today’s tight market
MARCH 12, 2013 – SANTA ANA, CA — The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced a new program offering 30-day loan closings for borrowers looking to purchase properties. Designed to significantly reduce closing times compared to industry averages, the new program applies to FHA and conventional purchase loans. Effective immediately, Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 30 calendar days, or the company will apply a $995 closing credit to the loan at the time of closing.
In 2012, the mortgage industry’s average time to close a purchase loan was 46 days, while the average time to close a refinance loan was 49 days according to an Ellie Mae Origination Insight Report. In many cases, processing can take longer – up to 60-90 days. Carrington’s 30-day closing program provides consumers, brokers and their realtor partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. 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.
“We’re proud to offer shorter turn times through our wholesale lending division and to bolster broker, agent and consumer confidence with this 30-day closing commitment,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Over the past year, we’ve worked diligently toward refining and expanding our operational processes to deliver maximum efficiency and give wholesale brokers an edge over traditional retail lending institutions. By redefining the way we do business and continuing to challenge industry norms, Carrington is well-positioned as the go-to lender for anyone looking to close quality loans expeditiously.”
The new program compliments Carrington’s ongoing “FHA Streamline Ready to Close” program, which offers closings on eligible refinance loans any day of the month with no additional interest cost to the borrower regardless of when the loan is funded. Enabling borrowers to close on their own schedule allows them to take advantage of possible lower rates and expedites compensation timelines for brokers.
Carrington’s 30-day loan closing offer excludes certain products, including jumbo loans, HomePath®, VA loans, short sales, new construction and flips. For complete details on this and other programs currently offered through Carrington’s Wholesale Lending Division, contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com.
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. The company originates loans in 40 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 Mortgage Services is based in Santa Ana, California and is an equal housing opportunity lender. To learn more about Carrington Mortgage Services’ wholesale lending division, visit www.CarringtonWholesale.com.
About Carrington Holding Company
Carrington Holding Company 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, and title and escrow services.
With more than three decades of experience and guided by a consistent philosophy, Carrington has built the infrastructure necessary to maximize value during any market cycle. Its affiliate companies include Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Atlantic & Pacific Real Estate, LLC, White Van Real Estate Services, L.P., Telsi Escrow, Inc., and Telsi Real Estate 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.
Editor’s Note: HomePath is a registered trademark of Fannie Mae.