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.
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 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.
– 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 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 email@example.com.
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.
- Friday, November 1, 2013 at 10:30 AM (PDT)
- Monday, November 4, 2013 at 10:30 AM (PDT)
- Tuesday, November 5, 2013 at 10:30 AM (PDT)
Contact Carrington for more information.
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 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
SEPTEMBER 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.
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.
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.
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.