Carrington Mortgage Services LLC, a national mortgage lender and servicer, has announced that it has received approval to be a Ginnie Mae issuer for the GNMA I and II single-family mortgage-backed securities (MBS) program. The approval allows Carrington to pool and securitize Federal Housing Administration (FHA) loans, and provides an avenue for increasing growth by adding those FHA loans to the servicing portfolio. To this point, Carrington has originated conventional, jumbo, FHA and VA loans, exclusively selling whole loans into the secondary market. By becoming a GNMA lender, Carrington reduces the middlemen in the origination-to-capital markets process, benefiting the company and those it serves.
Carrington’s team of professionals embraces the new capability and continues to be focused on delivering quality service with speed and consistency, offering consumers competitively priced products through its national retail branch network and wholesale lending division.
“This approval expands our capabilities as a mortgage originator and servicer, and ultimately allows us to better serve our retail and wholesale customers,” said Steve Patton, executive vice president for Carrington Mortgage Services LLC, Mortgage Lending Division. “As others exit the origination sector, particularly in wholesale,” he said, “Carrington is committed to increasing its presence and providing needed liquidity for qualified borrowers, as well as high-quality investments for purchasers of our GNMA securities.”