Company News

Carrington Mortgage Services Wholesale Lending Division is now offering loans from 550 FICO to max credit for your clients on FHA, VA and USDA Purchase and Refinance Programs. Newly Expanded guidelines include manufactured housing, manual  underwriting and use of non-traditional credit.  Contact your Account Executive for details.

Due to the approaching Memorial Day holiday and to facilitate earlier funding of VA IRRRL loans in the month of May, CMS will issue a lender credit for per diem interest on all VA IRRRL loans closing in the month of May.  The credit for the per diem interest must be disclosed on the HUD.

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.

Due to recent severe winter storm, snowstorm, and flooding in New York, FEMA has declared the following counties a disaster:

• Cattaraugus
• Chautauqua
• Erie
• Genesee
• Jefferson
• Lewis
• Orleans
• Saint Lawrence
• Wyoming

Please note:

• If an appraisal was completed prior to the incident date of the disaster, a re-inspection will be required.
• If an appraisal was not required due to a property inspection waiver or product type, an inspection report is still required.
• Regardless of whether or not the transaction requires an original appraisal, an inspection will be required up to and including 90 days from the date the natural disaster occurred, prior to the Note date.

For further guidance and loan property requirements refer to the CMS “Declared Disaster Policy” which is published on the Intranet at: Declared Disaster Policy.
Please contact your Account Executive with any questions.
 

Effective February 2, 2015, the USDA will update the eligible area maps. This reclassification will mostly involve areas that are going from rural to non-rural; however any areas that should have previously been made rural will now become eligible.
If the property is no longer eligible based on the new area maps, the file must be conditionally approved by Rural Development (RD) prior to February 2, 2015. Otherwise, the file property eligibility must be rechecked before submitting to RD.

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. 
 

For system maintenance and updates, Pipeline Manager will not be available from 4:00pm Pacific Time on Saturday, December 6th through 2:00 am Pacific Time on Sunday, December 7^th.
Please plan accordingly to submit and access files during times when the system is operational.

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

Online tool available exclusively to Carrington Approved Brokers provides easy access to marketing materials for a variety of loan products

The 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.

The Carrington Mortgage Services, LLC (CMS) policy regarding 4506T requirements has been updated, effective with loan approvals on and after May 12, 2014.
Loans Approved by Underwriting between April 15, 2014 and June 15, 2014:

• If tax returns are filed, 2013 and 2012 validated tax transcripts are required, including “record of account”
• If recent filing within 6-8 weeks, 2013 tax transcript showing “No record of return filed” plus 2012 and 2011 validated tax transcripts, including “record of account”
• Self-employed borrowers using 2013 income require 2013 and 2012 validated tax transcripts, including “record of account”
  • Conventional – no exceptions
  • Government – if variance in income has increased less than 10% from prior year, 2013 self-employment income can be considered in qualifying ratios
• If extension filed, see below requirements

Loans Approved by Underwriting after June 15, 2014:

• If tax returns are filed, 2013 and 2012 validated tax transcripts are required, which must include “record of account”
• If extension filed, see below requirements

If a Borrower has filed an Extension:

• Copy of the extension filing
• If funds owed on extension, proof of payment required
• 2013 tax transcript showing “No record of return filed”
• 2012 and 2011 validated tax transcripts including “record of account”

If a Borrower is on a repayment plan:

• Copy of IRS application/ repayment plan agreement
• Proof of all payments made within the month due since 1st date of payment due
• Monthly payment must be included in DTI ratio

W2 Transcripts:

• Required if wages on 1040’s do not add up to the W2s in the credit package
• Only if wages on the 1040 are less than W2. If 1040 wages are more than W2’s, acceptable as long as only W2 wages are being used for qualifying
• Required if using higher W2 wages than prior year and 2013 1040 transcripts are not available
• If W2 transcripts are unavailable until mid-June, QC will validate the W2 with the employer if required for qualifying
• Underwriter discretion for other circumstances

Amended Tax Returns

• Copy of the original 1040 filed
• Copy of the 1040X and the amended 1040
• 4506t validated tax transcripts for both returns, including “record of account”
• CMS does not accept amended tax returns for qualifying purposes