ANAHEIM, California – (BUSINESS WIRE) –Carrington Mortgage Services, LLC (CMS), one of the largest private non-bank lenders in the country, has an impressive range of loan offerings available through its lending channels, including personal, wholesale and correspondence loans. To sharpen its competitive advantage, CMS recently announced major changes to its non-QM rates and guidelines that offer a compelling advantage for the CMS Retail, Wholesale and Correspondent channels.
“We have been looking for ways to expand our presence outside of QM for some time,” says Jeff Gillis, EVP, Wholesale Lending, for CMS. “We are now the price leader in the non-QM area. This is especially true for our Carrington Investor Advantage product. ”
In a recent analysis of non-QM pricing and related policies, CMS identified a number of ways to improve the non-QM product offering: Carrington Flexible AdvantageSM, Carrington Flexible Advantage PlusSM, Carrington Prime AdvantageSM and Carrington Investor AdvantageSM.
“The opportunity for retailers is to get to market quickly, become experts on our products, and expand the platform significantly through 2021 and well beyond,” said Fred Quick, EVP, Retail Lending, for CMS. “I see non-QM as an important contribution to the future of our retail platform.”
CMS’s diverse product offerings, tailored to meet the needs of today’s retail customers, wholesale mortgage brokers, and non-delegated correspondent salespeople, include conventional products from Fannie Mae and Freddie Mac, products from FHA, VA, and USDA, and Carrington’s proprietary Prime AdvantageSM, Flexible advantageSM and investor advantageSM Products specifically designed to further demonstrate the company’s continued commitment to borrowers with FICO scores up to 550. Carrington also has significant expertise in manual underwriting and processing. Carrington Prime Advantage and Flexible Advantage loans are suitable for borrowers with recent credit events, as well as non-traditional sources of income such as self-employment or contract employment that can often be verified against documents like bank statements looking to buy a home or refinance higher loan balances. Carrington’s Investor Advantage program highlights include no personal income requirements. The qualification is based on the real estate cash flow.
According to Kevin DeLory, SVP, Wholesale & Correspondent, for CMS, the recent pricing and policy adjustments are a bold move to make Carrington a non-QM leader.
“We have the most competitive pricing and policies that enable us to position Carrington as a leader in the non-QM market,” says DeLory. “The commitment is that we are the leading non-QM lender.”
The Carrington Company
Carrington is a holding company whose core businesses include wealth management, mortgage and real estate transactions. Overall, the companies are vertically and horizontally integrated and offer a wide range of real estate services that cover nearly every aspect of single family home transactions in the United States. To read more visit: www.carringtonhc.com.
The company’s non-profit organization, the Carrington Charitable Foundation, through its collective staff comprised of Carrington executives and employees, contributes to the community through causes that reflect the interests of Carrington Associates. For more information about the Carrington Charitable Foundation and the organizations and programs it supports through special fundraising drives, please visit: carringtoncf.org.