Carrington Extends Wholesale Business to Banks, Credit Unions

Carrington Extends Wholesale Business to Banks, Credit Unions

11/01/2013 BY: TORY BARRINGER

Carrington Mortgage Services’ wholesale lending division is expanding its offerings to include banks and credit unions as approved third-party originators, the company announced.

Effective immediately, approved banks and credit unions can partner with Carrington to provide their customers access to a wide portfolio of loan programs created to extend consumers’ borrowing potential. By acting as third-party originators rather than as lenders, these institutions are better protected from risk.

“This is yet another step in Carrington’s plan to aggressively expand its reach in the changing market and help more people get into the homes they want,” said Ray Brousseau, EVP of Carrington’s mortgage lending division. “Now more consumers can access Carrington’s extensive lending and servicing capabilities through their neighborhood banks and credit unions.

“We believe that these institutions will grow to appreciate what makes Carrington an ideal wholesale lending partner for third-party originators—breadth of product, competitive pricing and unmatched commitment to help our partners succeed,” he added.

Earlier this year, the company expanded its credit requirements on all of its government products, reducing the minimum FICO score to 580 to open up more options for borrowers.

Carrington also modified its guidelines to include manufactured houses as eligible properties for loan programs under the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA), to omit overlays for FHA first-time homebuyer loans, and to add non-traditional credit guidelines for FHA borrowers with limited or insufficient credit.

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