Carrington Mortgage Services Expands Purchase Promise Program to Offer 21-Day Loan Closings Through Its Wholesale Lending Division
Program offers expedited funding process, wider qualifications and fewer restrictions.
JUNE 6, 2013 – SANTA ANA, CA -- The Wholesale Lending Division of Carrington Mortgage Services, LLC (Carrington)today announced it is expanding its successful 30-day Purchase Promise Program to include a 21-day loan closing program for borrowers looking to purchase properties. The program, designed to significantly reduce closing times compared to industry averages, applies to FHA and conventional purchase loans. The new 21-day program also offersexpanded guidelines for eligibility, including wider qualifications and fewer restrictions.
The 21-day programrequires a complete credit file, including the appraisal, made possible through Carrington's exclusive “Compliance Only Registration” process. Mortgage brokers can find more information available at www.CarringtonWholesale.com/21Day. For loans that do not meet the 21 day program guidelines, Carrington’s 30-day Purchase Promise Program will remain in effect. Carrington commits to process any qualifying loan from the time that a complete file is submitted to underwriting to the time that it funds within 21 or 30 calendar days, depending on eligibility, or the company will apply a $995 closing credit to the loan at the time of closing.
Expanded guidelines for loans eligible for both programs include: an FHA FICO restriction of 600 or greater (reduced from the previous restriction of 640); additional eligibility for conventional loans with a FICO of 620 or greater (reduced from 700); an LTV less than or equal to 95 percent (previously 80 percent) with a FICO of 680 (reduced from 700); and conventional loans now allowing for NOO and second home purchases.
“Our new 21-day loan closing program will put our brokers in a position of competitive advantage in today’s hyper-competitive mortgage market,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “This program will allow mortgage brokers to provide loans to more borrowers, more quickly than any competitive program we’re aware of – another example of our commitment to the wholesale channel.”
In 2012, the mortgage industry’s average time to close a purchase loan was 46 days, while the average time to close a refinance loan was 49 days according to an Ellie Mae Origination Insight Report. In many cases, processing can take longer – up to 60-90 days. Carrington’s 21 and 30-day closing programs provide consumers, brokers and their realtor partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. 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.
The enhanced Purchase Promise Programcompliments Carrington’s recent guideline changes to expand lending opportunities for consumers including adding the manufactured housing property type as an eligible property for FHA/VA loan programs, no overlays for FHA first time home buyer loans, and the addition of non-traditional credit guidelines for FHA borrowers who may have limited or insufficient credit.
Carrington’s 21 and 30-day loan closing offers exclude certain products, including jumbo loans, HomePath®, VA loans, short sales, new construction and flips. For complete details on this and other programs currently offered through Carrington’s Wholesale Lending Division, contact a Carrington account executive at (866) 453-2400 or visit www.CarringtonWholesale.com.
About Carrington Mortgage Services - Mortgage Lending Division
Carrington Mortgage Services, LLC – Mortgage Lending Division is the residential wholesale and retail loan origination division of Carrington Holding Company. The company originates loans in 40 states and the District of Columbia, 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 Mortgage Services is based in Santa Ana, California and is an equal housing opportunity lender. To learn more about Carrington Mortgage Services’ wholesale lending division, visit www.CarringtonWholesale.com.
Editor’s Note: HomePath is a registered trademark of Fannie Mae.
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
