Carrington Mortgage Services Launches "The Carrington Loan" Nationwide in Support of Underserved Borrowers
Eliminates 100% of loan closing costs for borrowers in the sub-640 FICO score range
SANTA ANA, Calif., Nov. 12, 2014 /PRNewswire/ -- Carrington Mortgage Services, LLC (Carrington) today announced the national availability of The Carrington Loan, which offers borrowers a more transparent, simplified home loan process with no closing costs or upfront financing fees. Developed in support of Carrington's commitment to serve the "underserved" market and first time home buyers, The Carrington Loan can facilitate home purchases for borrowers in the sub-640 FICO score range.
"Many underserved borrowers, including first time home buyers, still view the path to a mortgage loan as unattainable, complex and often cumbersome. The Carrington Loan simplifies the process and improves the experience to help remove the anxiety, particularly for those who do not have sufficient cash on hand to pay closing costs," said Carrington Mortgage Services Mortgage Lending Division Executive Vice President Ray Brousseau. "With The Carrington Loan, there is no need 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 greatly alleviates the stress on borrowers who desire to fulfill their dream of homeownership."
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. Earlier this year, Carrington 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 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 will require all of its customers to complete the MyLoanDetailTM online education prior to funding.
To learn more about The Carrington Loan visit www.TheCarringtonLoan.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.
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 46 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, MyLoanDetailTM, enhance the company's ability to responsibly extend credit to borrowers – especially those in the underserved market.
Carrington's retail lending products include FHA, conventional, jumbo, VA and USDA loans. To learn more about Carrington's retail loan division, visit www.CarringtonHomeLoans.com, or follow us on Facebook, Google+, or Twitter.
About Carrington Holding Company
Carrington Holding Company, LLC (Carrington) owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions. Carrington's 16 separate business units are organized into four distinct, but closely related, operating segments: Asset Management, which oversees investments in U.S. real estate and mortgage markets; Mortgage Servicing; Mortgage Lending; and Real Estate, which is divided into a real estate logistics sub-segment providing property asset management, preservation and rental services, and a real estate brokerage sub-segment which is comprised of a retail residential brokerage company as well as title and escrow services.
Carrington's non-profit organization, Carrington Charitable Foundation, through its collective associates made up of Carrington leaders and employees, 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, including the Annual Carrington Charitable Foundation Golf Classic, which assists our nation's heroes who have made tremendous sacrifices to protect our freedom, please visit: http://carringtoncf.org.
Carrington Mortgage Services, LLC is an equal housing opportunity lender. To learn more about Carrington Holding Company, please visit: www.carringtonhc.com.
Media Contact:
Christine Stricker
Office: (949) 517-7313
Mobile: (714) 873-4275
[email protected]
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SOURCE Carrington Mortgage Services, LLC
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