SANTA ANA, Calif., April 1, 2015 /PRNewswire/ -- Carrington Mortgage Services, LLC (Carrington) today announced the availability of MyLoanDetail™, the company's proprietary online loan review resource designed to provide borrowers with a thorough understanding of their obligations under their mortgage application and contract. Advocates of improving borrower education, Carrington developed this patent pending initiative to help enhance consumer understanding of loan terms and responsibilities. Nearly 10,000 borrowers have successfully utilized the patent-pending MyLoanDetail™ process in beta trials and the company now requires all borrowers to complete the program prior to their loan funding.
Click here to watch a video featuring Carrington's MyLoanDetail™ program.
"Extending credit to clients in the underserved market requires a heightened sense of dual responsibility – and that begins with more effective borrower education through resources such as MyLoanDetail™," said Carrington Mortgage Services Mortgage Lending Division Executive Vice President Ray Brousseau. "As the industry does more to help potential borrowers understand how the lending process works and their specific responsibilities, lenders' ability to meet the needs of a larger population and originate more loans to more customers will improve."
MyLoanDetail™ consists of a short explanation of the mortgage process and confirmation of the borrowers' understanding of their specific loan. The program includes key mortgage concepts and terminology, an introduction to the professionals involved in the process and their roles, as well as a review of the borrower's loan details and payment information. Borrowers are asked to confirm the accuracy of information provided in their loan application and are given an opportunity to provide additional information that may be important in processing the application and verifying their ability to repay.
"The month kicks off National Financial Literacy Month, a national month-long initiative to help consumers take increased responsibility for their personal finances," added Brousseau. "We recognize the value of this initiative and the significant financial undertaking involved in owning a home. We are delighted to help borrowers better understand their financial commitment for the duration of their loan."
In order to provide borrowers with as much insight as possible into their responsibilities related to a mortgage loan, MyLoanDetail™ addresses transaction costs, down payment amount, mortgage loan principal amount, term of the loan, interest rate and monthly loan payment, as well as what happens in the case of missed or late payments. A review of the borrower's current annual and monthly income is provided, as well as the expected monthly mortgage loan payment amount. Mortgage payment options are outlined, along with budgeting details including non-housing related living expenses and other monthly debt payments.
In support of Carrington's commitment to serve underserved borrowers and first time home buyers, the company recently announced the national availability of The Carrington Loan, which offers borrowers a more transparent, simplified home loan process with no closing costs and upfront financing fees. The Carrington Loan, a government insured program, can facilitate home purchases for all borrowers. To learn more about The Carrington Loan visit www.CarringtonHomeLoans.com/CarringtonLoan.
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 45 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 at all credit levels, including those in traditionally underserved markets. The company's commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail™, enhance their ability to provide customized solutions for borrowers, including FHA, conventional, jumbo, VA and USDA loans. To learn more about Carrington's retail loan and wholesale lending divisions, visit www.CarringtonHomeLoans.com and www.CarringtonWholesale.com.
About The Carrington Companies:
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.
Through its collective associates made up of Carrington leaders and employees, the company's non-profit organization, Carrington Charitable Foundation, seeks to promote giving back to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation and the organizations and programs it supports through specific fundraising efforts, please visit: http://carringtoncf.org.
Carrington Mortgage Holdings, LLC
Office: (949) 517-7282
The Pollack PR Marketing Group
Office: (212) 601-9341
SOURCE Carrington Mortgage Services, LLC