Carrington Mortgage Services LLC has 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 50 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.”