Carrington Mortgage Services Launches Delegated Correspondent Lending
CMS’ Delegated Correspondent Lending program allows loan sellers to fund more loans, expand their volume and drive growth for their businesses.
ANAHEIM, Calif.–(BUSINESS WIRE)–#Carrington—Carrington Mortgage Services, LLC (CMS), one of the nation’s largest privately held non-bank lenders, boasts an impressive slate of loan offerings available through its loan origination channels, which include Retail, Wholesale and Correspondent lending. In another important addition to its products and services, CMS has launched a Delegated Correspondent Lending channel, which is expected to become an important part of Carrington’s business.
“The depth and breadth of our offering provides our sellers with additional options for their borrowers, resulting in growth for their business,” said Greg Austin, EVP, Mortgage Lending, for CMS. “The CMS Operations team, with few exceptions, has worked together for many years; and the level of service provided by this team is nothing less than outstanding. Sellers receive very quick turn times, and have access to all team members.” According to Austin, CMS also has added several dedicated Correspondent sales professionals to support this important new line of business.
In correspondent lending, relationships are critical. Carrington’s strong financial position and ability to purchase loans quickly benefits loan sellers, because the faster CMS can purchase their loans, freeing up their warehouse line, the faster sellers can then fund more loans, allowing them to expand their volume. According to Michael O’Brien, VP, Correspondent Sales for CMS, the launch of the Delegated Correspondent Lending platform provides CMS with a tremendous opportunity to further establish its position in the correspondent lending space.
“Many lenders want to control the transaction with their borrower,” said O’Brien. “Offering a delegated delivery option allows us to reach more of those lenders. It also gives those lenders access to Carrington’s impressive suite of products.”
CMS’ diverse product offerings, which are designed to meet the needs of today’s retail customers, wholesale mortgage brokers and non-delegated correspondent sellers, include conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products and Carrington’s proprietary Prime AdvantageSM, Flexible AdvantageSM and Investor AdvantageSM products, which specifically were developed to further demonstrate the company’s ongoing dedication to borrowers with FICO scores down to 550. Carrington also is distinguished by its considerable expertise in manual underwriting and processing. Carrington Prime Advantage and Flexible Advantage loans are right for borrowers with recent credit events, as well as non-traditional income sources such as self-employment or contract employment, often verifiable by such documents as bank statements, who want to purchase a home or refinance higher loan balances. Carrington’s Investor Advantage Program highlights include no personal income requirements, with qualification based on property cash flow.
The launch of Delegated Correspondent Lending is a great complement to CMS’ established Non-Delegated Correspondent Lending channel, as well as an exciting addition to the company’s full range of Government and non-QM loan products. This wealth of product offerings, coupled with recent changes to its non-QM pricing and guidelines, have made Carrington more competitive than ever before.
For more information on CMS products and services, please visit CarringtonMortgage.com or CarringtonAlly.com.
The Carrington Companies
Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions. Collectively, the businesses are vertically and horizontally integrated, and provide a broad range of real estate services encompassing nearly all aspects of single family residential real estate transactions in the United States. To read more visit: www.carringtonhc.com.
Through its collective associates made up of Carrington leaders and employees, the company’s nonprofit organization, Carrington Charitable Foundation, contributes 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: carringtoncf.org.
Contacts
Edward Pittman
469.344.4465
pr@carringtonmh.com