Carrington Mortgage Services, LLC Wholesale Lending Division

Carrington’s $1,500 On-Time Closing Promise

We’re closing purchase loans on time, every time.

Give peace of mind to your clients with Carrington’s On-Time Closing Promise for qualifying home purchase loans.

Carrington will process any qualifying purchase loan—from the time a loan file is submitted to underwriting—meeting the on-time closing date identified as the Close of Escrow date, or we will apply a closing cost credit of $1,500 to the loan at closing.

Carrington is your go-to lender for serving the underserved borrower by offering government loan programs down to 550. Our expertise and our On-Time Closing Promise may help you close more loans when others can’t.

Offer applies to qualifying purchase loans submitted on or after March 20, 2017.

Qualifying loans close on time or we’ll apply $1,500 in closing cost credit, and that’s a promise. Contact us to learn more about this great offer!

Road to Houston Winner Announcment

We want to send a big thank you to everyone who participated in the Road to Houston sweepstakes and helped make it a great success.

And a special congratulations to Joseph G. of Hesperia California! Joseph and a guest have won tickets and travel to Super Bowl LI at NRG Stadium in Houston Texas.

We hope you have a great time at that game Joseph!

Serving the Underserved Initiative Reaches 10,000 Borrowers

ANAHEIM, Calif., Aug. 4, 2015 /PRNewswire/ — Carrington Mortgage Services, LLC (Carrington) today announced that the company’s “Serving the Underserved” initiative launched in 2014 has now aided over 10,000 borrowers with their home financing. Driven by Carrington’s commitment to create a more transparent and manageable home loan process, the program offers simplified loan offerings for first-time home buyers, many of whom have a FICO credit score below 640. As of July 2015, Carrington has originated over $1.8 billion in home loans for borrowers with credit scores below 640. Fifty-seven percent of the home purchase loan originations were from first-time home buyers.  This growth aligns with a national trend reflected in the percentage of Federal Housing Administration loans originated for borrowers with credit scores below 640, which is up 125% in just two years.

“Our goal is to simplify the path to home ownership wherever feasible and demystify the complexity that often surrounds the loan process,” said Carrington Mortgage Services Mortgage Lending Division Executive Vice President Ray Brousseau. “Our tailored programs help those who do not have sufficient cash on hand or may feel like their credit score isn’t strong enough to fulfill their dream of homeownership.”   … Read More on Yahoo Finance

 

Carrington Introduces “The Carrington Loan” Through Its Wholesale Lending Division

Loan program eliminates 100% of closing costs, simplifying loan process for mortgage broker partners and their borrowers

 MAY 27, 2015 – SANTA ANA, CA – Carrington Mortgage Services, LLC (Carrington) today announced that beginning May 2015, it will make The Carrington Loan available through its national wholesale lending division. Developed in support of Carrington’s commitment to serve the “underserved” market and first time home buyers, The Carrington Loan offers borrowers a more transparent, simplified home loan process with no closing costs or upfront financing fees to facilitate home purchases.

“The Carrington Loan simplifies the loan process and improves the experience to help remove the anxiety often associated with a mortgage loan, particularly for those who do not have sufficient cash on hand to pay upfront financing fees, appraisal and closing costs,” said Carrington Mortgage Services- Mortgage Lending Division Executive Vice President, Ray Brousseau. “With The Carrington Loan, there is no need for a mortgage broker to modify the rate after it is presented to the borrower to offset loan costs and loan closing fees, and unexpected increases to estimated closing costs are not an issue. Removing these barriers simplifies the process for our mortgage broker partners and their borrowers who desire to fulfill their dream of homeownership.”

This initiative presents additional opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors to extend their purchase home loan offerings. In addition, mortgage brokers who specialize in refinance opportunities provide The Carrington Loan as an option for FHA/VA borrowers.  Carrington has started providing Carrington Loan training to its broker partners throughout the program’s launch period. Mortgage brokers can sign up for the company’s “Daily Rate Report” and view the webinar schedule at www.CarringtonWholesale.com or connect with a Carrington account executive for upcoming training dates and times.

The Carrington Loan is unique in that:

  • There are no closing costs, appraisal fees, or lender financing fees.
  • Carrington pays all eligible loan costs as lender credits.
  • If any unanticipated lender costs arise, Carrington will issue a credit to cover them. This may include additional title or escrow service charges from the title or settlement company.

According to industry experts, one in three consumers has a FICO credit score below 650. For these consumers, and the brokers and agents working with them, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle. Last year, Carrington lowered its minimum credit score requirement to 550, and expanded its guidelines on 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 patent-pending MyLoanDetailTM, 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 of its customers to complete MyLoanDetail prior to funding.

To learn more about The Carrington Loan visit www.CarringtonWholesale.com. The Carrington Loan is a government insured loan program, and any upfront mortgage insurance or funding fee that may be required by a government agency may either be financed into the loan amount or paid by the borrower in cash at closing. Borrowers are responsible for any services requested by the borrower that are not required as part of the loan, including, but not limited to rate-lock extension fees, survey fees, and home warranty costs.

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 46 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 at all credit levels, including those in traditionally underserved markets. The company’s commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail™, enhance their ability to provide customized solutions for borrowers, including FHA, conventional, jumbo, VA and USDA loans. To learn more about Carrington’s wholesale lending division, visit www.CarringtonWholesale.com.

About The Carrington Companies:

The Carrington Companies own and operate multiple businesses that cover virtually every aspect of single family residential real estate transactions through investments in U.S. real estate and international mortgage markets, loan origination and servicing, asset management and property preservation, real estate brokerage, title and escrow services. To read more visit: www.carringtonhc.com.

Through its collective associates made up of Carrington leaders and employees, the company’s non-profit organization, Carrington Charitable Foundation, seeks to promote giving back to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation and the organizations and programs it supports through specific fundraising efforts, please visit: http://carringtoncf.org.

Media Contact:
Christine Stricker
Office: (949) 517-7313
Mobile: (714) 873-4275
Christine.Stricker@carringtonmh.com

Access to credit still biggest hurdle for millennials to enter real estate market

Check it out:

Just published, Access to credit still biggest hurdle for millennials to enter real estate market by Ray Brousseau, EVP Mortgage Lending, Carrington Mortgage Services, LLC at Inman.com.

This article is part of our ongoing series with Inman.com to provide mortgage content for their realtor audience.

Dispute Removal Policy Change

Effective immediately, Experian has revised their policy related to removing dispute comments from an account.  They will now accept the attached letter signed by the borrower (click here).  Please note that TransUnion will also accept the attached letter signed by the borrower.  Equifax will accept either a creditor letter OR the attached letter signed by the borrower

 

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 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.

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.

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