SANTA ANA, CA--(Marketwire - Jan 15, 2013) - The mortgage lending division of Carrington Mortgage Services, LLC (Carrington) today announced that it will offer the Streamline FHA 203K loan program, which allows for up to $35,000 in property repairs to be financed into the loan, through its retail and wholesale businesses. Carrington's retail lending division will now control the complete operation cycle and related servicing for all of its 203K loans, which were previously offered as a brokered product. Carrington's wholesale lending division will also add the 203K loan program to its portfolio of government-insured products as of April 1st.
Intended for the purchase or refinance of properties that require minor repairs and upgrades, 203K loans are attractive to consumers as well as Realtors® who can benefit from extending their reach into untapped markets of prospective buyers. Borrowers interested in purchasing distressed properties, which accounted for between 20-25% of all home sales in 2012, may find the 203K loan an ideal solution for these types of properties that are often in less than move-in condition. For real estate professionals, having a single interface for getting these loans approved and funded can expedite closings -- creating an added incentive to partner with a Carrington loan officer in their market. From a wholesale perspective, this initiative presents opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors throughout the front-end lifecycle of these loans, thereby maintaining involvement and increasing the potential for repeat or referral business.
"We are pleased to offer FHA 203K loans through our retail and wholesale businesses, and to bring all aspects of these transactions including underwriting and closing timelines under our control," said Carrington Mortgage Services LLC's Mortgage Lending Division Executive Vice President Ray Brousseau. "This initiative enables us to more effectively serve our customers as well as the brokers and realtors we partner with, allowing them to widen their markets and approach their local businesses with added confidence in what they have to offer."
Carrington will provide 203K training to its broker partners beginning in January and throughout the program's launch period. Mortgage brokers can sign up for the company's "Daily Rate Report" at www.CarringtonWholesale.com or connect with a Carrington account executive for upcoming training dates and times. Realtors can connect with their local Carrington loan officer for more information or connect with a loan officer through www.CarringtonHomeLoans.com.
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' retail loan division, visit www.CarringtonHomeLoans.com. To learn more about Carrington Mortgage Services' wholesale lending division, visit www.CarringtonWholesale.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.