SANTA ANA, CA – May 27, 2015 — 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.
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.
Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008-2018.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.