The Wholesale Lending Division of Carrington Mortgage Services LLC has announced two new programs specifically designed to offer both brokers and borrowers a competitive advantage in a tight housing market. Effective immediately, Carrington is offering three-day turn times on FHA and conventional purchase loans, and is ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded. As part of its “Three-Day Turn Time Promise” program offered only for the month of February, Carrington will decision any eligible FHA or conventional purchase loan within three days of the time it is submitted to underwriting or waive its underwriting fee.
The company’s ongoing “FHA Streamline Ready to Close” program offers closings on eligible FHA Streamline refinance loans any day of the month, allowing borrowers to take advantage of possible lower rates and enabling brokers to be compensated quicker.
“In a tight market, the ability to close fast and when the borrower is ready can set brokers apart from their competition,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “With these two new incentive programs, we’re offering wholesale brokers an edge over traditional retail lending institutions – and giving borrowers a better opportunity to purchase the properties they’re interested in.”