SANTA ANA, CA--(Marketwire - Feb 5, 2013) - Carrington Mortgage Services, LLC (Carrington) today announced a new program offering 25-day loan closings to borrowers looking to purchase or refinance properties. This program, available through Carrington's retail operations, will reduce closing times by nearly fifty percent compared to average industry processing times. Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 25 calendar days, or the company will apply a closing cost credit of $500 to the loan once the loan closes.
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 much longer -- sometimes as long as 60-90 days. Carrington's 25-day closing program provides borrowers a shorter, more predictable timeline during what can often be a stressful waiting period, and offers them a competitive edge in a tight market by giving them the ability to get a loan more quickly than other potential homebuyers. The advantages of expedited processing also extend to real estate agents, who sometimes lose sales when homebuyers can't secure financing in a timely manner.
"We're proud to extend this 25-day closing offer, which is possible due to the refinements we've made in our operational processes, staffing and management over the past year," said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC's Mortgage Lending Division. "By redefining the way we do business and challenging the industry norm, Carrington is well-positioned as the go-to lender for borrowers and agents looking to close quality loans more quickly."
This program is available through Carrington's 30 retail locations and its centralized loan originations unit. For a list of office locations, please visit www.carringtonhomeloans.com, or call 1-888-267-0584 to speak with a loan officer. Certain products, including brokered loans, jumbo loans and FHA 203K loans, are excluded. For offer details, interested parties should consult with a Carrington loan officer.
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, visit www.CarringtonHomeLoans.com.
About Carrington Holding Company
Carrington Holding Company owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions -- investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, and title and escrow services.
With more than three decades of experience and guided by a consistent philosophy, Carrington has built the infrastructure necessary to maximize value during any market cycle. Its affiliate companies include Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Atlantic & Pacific Real Estate, LLC, White Van Real Estate Services, L.P., Telsi Escrow, Inc., and Telsi Real Estate Solutions, LLC. Carrington Mortgage Services, LLC is an equal housing opportunity lender. To learn more about Carrington Holding Company, visit our website at www.carringtonhc.com.