Mandatory Training for Approved Brokers
For the presentation deck, click here.
About MyLoanDetail – Borrower Education Application
MyLoanDetail is Carrington’s proprietary, web-based mortgage education tool. MyLoanDetail explains the mortgage process, and confirms a borrower’s understanding of their mortgage loan through a series of questions and answers. Borrowers confirm their understanding of the loan, a breakdown of fees and payment, and each parties’ responsibilities under the loan. It takes just a few minutes to complete, and is a final, required step in the loan application/approval process. Upon completion, borrowers receive a certificate of completion to present to the Loan Officer.
Why is Carrington requiring borrowers to complete MyLoanDetail borrower education?
- Carrington is committed to responsible, ethical lending, and borrower education. We believe that customers who better understand their mortgage loans will be more likely to fulfill their responsibilities under their mortgages, and will generate more loyal and persistent business.
- Brokers involved in the process, by association, will set themselves apart as responsible, ethical businesses
Who will be required to complete MyLoanDetail?
Prior to 12/15/2014
- Borrowers with FICO < 640
- All first time homebuyers (All FICO’s)
On or After 12/15/2014
- All borrowers, regardless of FICO
When will borrowers be required to complete MyLoanDetail?
- The program is effective Monday, July 14th, 2014
For other My Loan Detail FAQs, click here.
To view the MyLoanDetail questions asked of borrowers, click here.