Company News

Everyone knows about mortgage lenders from their ads and websites, but what about their classrooms and courses? Do educational differences impact borrowers, loan officers and even other lenders?
"You bet," said Lori Grigg, executive vice president of human resources with Carrington Mortgage Holdings, LLC. "The lending system today is completely different from the system we had in place just a few years ago. There are now thousands of pages of new rules and regulations -- and more keep coming. In the same way that you want a doctor or lawyer with the best possible background, borrowers also want lending professionals who are well-trained and knowledgeable with regards to current regulations."
In fact, Carrington is investing in education. In a one-year period, Carrington professionals completed more than 12,000 compliance classes in their Learning Management System, which is named the Carrington Education Portal. According to Elearning! Magazine, the Carrington group of real estate and mortgage companies is a Learning!100 award winner, meaning it is among the top 100 organizations worldwide in terms of "learning culture, innovation or collaboration that drives performance." This is the third national education award won by Carrington.
The company's Education Portal is so advanced that in 2012 Carrington became the first mortgage company to win recognition during the prestigious SkillSoft Perspectives Awards. The Educational Portal delivers targeted courses and classes to individual associates. Carrington’s breadth of classes are kept up-to-date as standards change and are delivered to associates through the Education Portal.
Carrington Mortgage is one of 19 related residential real estate and mortgage companies that operate under the Carrington banner. This means that a full-time staff is available to maintain education systems under the direction of Alysia Vrolyk, the vice president of Learning and Development with Carrington Mortgage Holdings, LLC.
"We have an interactive educational system in place that responds to the needs of individual users," said Vrolyk. "We use email, surveys and performance prizes to maximize system activity.  We actually have 'L&D Gurus' on hand to answer questions and provide high-touch service and improve the user experience.”
Vrolyk continued, "Carrington Mortgage Services Mortgage Lending Division likes the Education Portal because it allows them to track the educational activities of their loan officers and use such data for compliance and annual performance reviews."
Better Lenders, More Loan Options
At first, it might seem as though professional training is far removed from loan applications and mortgage closings, but that's not the case.
"In any profession you can do the bare minimum to enter a field and maintain your license," said Grigg. "However, we think borrowers do better when working with loan professionals who have access to advanced training. The benefit shows up when a borrower can be qualified for financing within a new rule or standard that another lender might not understand. In effect, better training means loan officers, underwriters and others in the lending process can be more productive.”
"For instance, many individuals with good credit have been unable to re-enter the housing market because they ran into hard times and faced a foreclosure or short sale. Many loan programs exclude such borrowers from new financing for as long as seven years. Now, however, there's a new program introduced by HUD that can help qualified individuals, that experienced a foreclosure, short sale or bankruptcy, get a new mortgage in as little as 12 months. If you're a borrower you want to be sure your lender knows about such programs, is educated on the qualifications required for the borrower and can introduce them to you."
Gen Y and the Google Generation
So how does professional education work for lenders?
Carrington Mortgage Services is active in more than 40 states and each jurisdiction has its own way to license mortgage professionals; generally this means a set number of hours to first obtain a license and then additional training in the form of continuing education classes and seminars. The classes themselves can include traditional classroom instruction, webinars, online courses with an instructor and online self-study courses.
"A choice of classroom options and scheduling flexibility is very important in today's workplace," said Vrolyk. "It's all part of the social transition we are seeing with Gen Y (those born after 1980 and into the 1990s) and Generation C (people born after 1993, digital natives who are exceptionally tech-savvy). Individuals in these age groups tend to regard computer learning as natural and normal, something as common as email and Twitter. Our Education Portal provides “just-in-time” learning 24 hours a day. When our associates need information, it is easily accessible from anywhere there is internet access. Flexibility is important because it allows associates to mix work, personal time and educational needs in the way that best meets their schedules and interests."
Wall Street Reform
Under the Dodd-Frank Wall Street Reform Act, mortgage lenders must meet a large number of compliance standards, regulations designed to assure that borrowers have access to a wide range of financing options and that mortgage investors can buy loans from U.S. lenders that meet required benchmarks.
"Many of the new lending standards are overseen by the Consumer Financial Protection Bureau," said Grigg. "As part of its compliance system, the CFPB requires lenders to maintain extensive and ongoing educational programs. We're happy to do this because we think borrowers and investors will have more confidence in the mortgage origination as a result. With better training we can work to reduce investor risk while helping borrowers get the financing they want."
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

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 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.

Carrington is excited to introduce our new Pipeline Manager.
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.
(more…)

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.

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://carringtonwholesale-prod-web-wp.azure.corp.int. Real estate agents can connect with their local Carrington loan officer for more information or connect with a loan officer through www.CarringtonHomeLoans.com.