Carrington Wholesale Lending

State of the Nation Webinar – Presented by Rick Sharga, Carrington Mortgage Holding, EVP


Want to know what’s in store for the real estate and mortgage industries in 2018? Will low inventory, rising rates, and falling affordability derail the housing recovery? Get the answers to these and other questions in an informative webinar hosted by Rick Sharga, Executive Vice President, Carrington Mortgage Holdings, on the State of the U.S. Housing Market. Rick will share insights on US Economic Performance, Home Sales Trends, Mortgage Industry Trends and what the outlook is for the real estate market for the rest of 2018. We’ll also cover current events such as immigration policy and tax reforms, and their potential impact on the market. Don’t miss this great opportunity to get informed. Register now to save your spot!

Register Now

Rick Sharga on Fox Business how rising interest rates impact your mortgage

Executive Vice President Rick Sharga discuss the impact of rising interest rates on the housing market.

View on FoxBusiness.com.

Great News for self-employed borrowers!

Bank statements now acceptable in place of IRS Tax documents for Carrington’s Non-Prime Loans.


PURCHASE & REFINANCE
LOAN DETAILS


UP TO $1.5 MILLION
FICO DOWN TO 500 | 70% LTV


UP TO $500K CASH-OUT
FICO DOWN TO 500 | 70% LTV


UP TO $1 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 620 | 75% LTV


UP TO $1.5 MILLION
INVESTMENT PROPERTIES
FICO DOWN TO 640 | 70% LTV


UP TO $500K INVESTMENT
PROPERTIES WITH CASH-OUT
FICO DOWN TO 640 | 70% LTV

This is a great opportunity to re-energize your pipeline with self-employed borrowers who you may have previously had to turn away. Not only are we now offering Non-Prime* loan products for those with recent credit events to help you expand your pipeline, but we are now “accepting bank statements to verify income in place of IRS tax documents for self-employed borrowers.

NON-PRIME LOAN PROGRAM HIGHLIGHTS FOR SELF-EMPLOYED BORROWERS

  • 24 months of bank statements are required Multiple bank accounts may be used, but a combination of business and personal accounts is prohibited
  • Exclusively for self-employed borrowers
  • Primary, second, and investment homes
  • Purchase and refinance loans

Become an Approved Broker           Login to BrokerIQ

View the Guidelines and Matrix



*Non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3 to 6 months. Ask your Account Executive for additional details and requirements. Not available with our On-Time Closing Promise Offer and in AK, MA, NY, ND, and WV.

Announcement: Non-Prime Loan Products

Expand Your Pipeline with Non-Prime Loan Products

Purchase, refinance and cash-out available

Give your business the boost it needs by adding Non-Agency loans to your product offerings.

NON-PRIME LOAN PROGRAM HIGHLIGHTS*

  • Primary and second homes
  • Purchase, refinance and cash-out loans available
  • Loan amounts up to $1.5 million
  • Minimum credit score of 500 (75% LTV)
  • Maximum 85% LTV with no MI
  • Recent credit events Ok
  • Non-warrantable condos Ok
  • Investment properties Ok
  • 30 year fixed, 5/1, 7/1 ARMS available

Become an Approved Broker           Login to BrokerIQ

*The non-prime product requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3-6 months. Ask your Account Executive for additional details. Note: Not available in AK, MA, NY, WV & ND.

FHA 203(H) 100% FINANCING FOR PURCHASES & REFINANCES to borrowers in Presidentially-designated major disaster areas.

Carrington may assist borrowers in Presidentially-designated disaster areas through the government’s FHA 203h loan program.

HIGHLIGHTS OF THE PROGRAM

• Minimum 500 FICO
• 100% financing on purchases for homeowners or renters whose homes were destroyed
• Refinance available for those whose homes are not destroyed but would like to refurbish (Restrictions apply)
• Previous residence must be documented and verified to be in a Presidentially-designated disaster area (PDMDA) and destroyed or damaged to extend that reconstruction or replacement is necessary
• Borrower may be a prior homeowner or renter
• Property may be rebuilt or purchased (For purchases, the property isn’t required to be located in the same area as the previous residence.)
• Mortgage rating required for current 12-month history prior to the declared disaster
• Refinances for borrowers using the 203h with the 203k rehabilitation require the residence to have been completed and ready for occupancy

ELIGIBILITY REQUIREMENTS
• FHA Mortgage Insurance is required. Ask your Loan Officer for details.
• FEMA PDMDA verification required, in addition to documentation from a 3rd party that the home is not habitable as a result of the disaster
• New case number MUST be assigned within one year of the date the PDMDA is declared
• Property must be owner-occupied
• 1 unit SFR residences, manufactured homes (minimum double wide), PUDs and FHA approved condos
• No minimum required investment (MRI). Max LTV ratio limit is 100% of adjusted value. If a 203(k) is used in conjunction with a 203(h), the 203(k) LTV applies.
• 203(h) must be processed and underwritten in accordance with 203(b) requirements, unless specific guidance is detailed

Contact us to learn more about this program.

 

ELIGIBILITY REQUIREMENTS
• FHA Mortgage Insurance is required. Ask your Loan Officer for details.
• FEMA PDMDA verification required, in addition to documentation from a 3rd party that the home is not habitable as a result of the disaster
• New case number MUST be assigned within one year of the date the PDMDA is declared
• Property must be owner-occupied
• 1 unit SFR residences, manufactured homes (minimum double wide), PUDs and FHA approved condos
• No minimum required investment (MRI). Max LTV ratio limit is 100% of adjusted value. If a 203(k) is used in conjunction with a 203(h), the 203(k) LTV applies.
• 203(h) must be processed and underwritten in accordance with 203(b) requirements, unless specific guidance is detailed

FICO Reduced to 500 on FHA/VA Loans and New Pricing Improvement

Give your business a BIG boost with our minimum credit score reduction to 500 on FHA/VA loans and our improvement on pricing that starts today!

  • Minimum 500 FICO on FHA and VA loans
  • 25 bps Special on FHA and VA High Balance < 640
  • Significant reductions in LLPAs on FHA and VA loan sizes < $150K

Don’t miss out on this opportunity from Carrington before its gone!

Talk to one of our Account Executives today for the details. This is a limited time offer and will be subject to change at any time.

Become an Approved Broker

 

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.

Carrington Launches New On Time Closing Promise

As seen on:

Mortgage Orb [link]  http://www.mortgageorb.com/e107_plugins/content/content.php?content.14982

National Mortgage Professional [link]  http://nationalmortgageprofessional.com/news46712/carrington-launches-new-15-day-closing-program-wholesale-division

Carrington Mortgage Services Launches New On Time Closing Promise Program
Offering 15-Day Loan Closings Through Its Wholesale Lending Division

Program features expedited funding process, wider qualifications and fewer restrictions

 FEBRUARY 4, 2014 – SANTA ANA, CA – The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington) today announced that it has expanded its successful Purchase Promise Program to offer 15-day loan closings to borrowers looking to purchase or refinance properties. The new On Time Closing Promise applies to the majority of Carrington’s loan programs and offers expanded guidelines for eligibility with fewer restrictions. Carrington commits to be ready to close any qualifying loan within 15 business days of appraisal receipt or the company will apply a $500 closing cost credit to the loan at the time of closing.

Carrington’s On Time Closing Promise provides consumers, brokers and their real estate partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. Having a Carrington loan provides buyers with the peace of mind that their loan can be cleared to close quickly when a seller is ready to move forward with a sale. 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.

“In an increasingly service-oriented and purchase-focused lending environment, being able to close quickly or on the buyer’s timeframe is a distinct competitive advantage among agents and brokers,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “Carrington’s On Time Closing Promise – the next evolution of Carrington’s service proposition – will allow mortgage brokers to provide a fast and predictable level of service with greater efficiency than any competitive program we’re aware of.”

Certain exclusions apply. For eligibility information and complete details on this and other programs currently offered through Carrington’s Wholesale Lending Division, please contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com/CloseOnTime.

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 and the company’s current promotions, visit www.CarringtonWholesale.com, or follow us on Facebook, Twitter or LinkedIn.

About Carrington Holding Company

Carrington Holding Company, LLC (CHC) 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, title and escrow services.

Some of CHC’s affiliate companies include Carrington Real Estate Services, LLC, Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Carrington Home Solutions, L.P., Carrington Escrow, Inc., Carrington Title Services, LLC and Carrington Technology 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.

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

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.

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