Carrington Mortgage Services Ready for the Return of the Non-Agency Market
Carrington’s Diverse Non-Agency Products Offer Tremendous Flexibility for Brokers and Borrowers
ANAHEIM, Calif.–(BUSINESS WIRE)–#Carrington—Carrington Mortgage Services, LLC (CMS), one of the nation’s largest privately held non-bank lenders, offers a comprehensive suite of non-agency products to the marketplace. The diversity of CMS’ non-agency products reinforces Carrington’s impressive slate of loan offerings available through its loan origination channels, which include Retail, Wholesale and Correspondent lending.
“At Carrington, we have been looking forward to the day the marketplace returned for non-agency products,” said Greg Austin, EVP, Mortgage Lending, for CMS, “and we know how important it is to ensure our product offerings are price-leading and right for both brokers and borrowers. Our team works hard daily to deliver on that promise; and our full suite of non-agency products is a solid demonstration of that commitment.”
CMS’s diverse product offerings, which are designed to meet the needs of today’s retail customers, wholesale mortgage brokers and non-delegated originators, 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.
The Prime Advantage product is designed for higher-credit-quality non-agency borrowers who may have “just missed” qualifying for conventional or jumbo loans. Prime Advantage allows for the use of Alternative Income Documentation while delivering competitive pricing, and is a perfect fit for borrowers who find themselves in between qualifying for the Carrington Flexible Advantage Plus program and conventional or jumbo products. Carrington 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, 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. Carrington’s Interest-Only Product Enhancement provides a flexible payment option that allows borrowers to pay just the interest with their monthly payment. For borrowers who want it, that provides additional cash flow that can be used for other priorities.
“As the non-agency lending space experiences fast-paced change, at Carrington we have worked continuously to meet market demands,” said Kevin DeLory, SVP, Wholesale and Correspondent, for CMS. “The key to a successful non-agency offering is to provide a complete suite of non-agency programs that work for everyone, and we are proud to do just that.”
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.