The Wholesale Lending Division of Carrington Mortgage Services LLC has announced a new program offering 30-day loan closings for borrowers looking to purchase properties. Designed to significantly reduce closing times compared to industry averages, the new program applies to FHA and conventional purchase loans. Effective immediately, Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 30 calendar days, or the company will apply a closing credit to the loan at the time of closing.
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 longer—up to 60-90 days. Carrington’s 30-day closing program provides consumers, brokers and their realtor partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. Expedited processing allows brokers to be compensated faster and helps alleviate concern among real estate agents over sales lost due to a homebuyer’s inability to close in a timely manner.
“We’re proud to offer shorter turn times through our wholesale lending division and to bolster broker, agent and consumer confidence with this 30-day closing commitment,” said Ray Brousseau, executive vice president of Carrington Mortgage Services LLC’s Mortgage Lending Division. “Over the past year, we’ve worked diligently toward refining and expanding our operational processes to deliver maximum efficiency and give wholesale brokers an edge over traditional retail lending institutions. By redefining the way we do business and continuing to challenge industry norms, Carrington is well-positioned as the go-to lender for anyone looking to close quality loans expeditiously.”
The new program compliments Carrington’s ongoing “FHA Streamline Ready to Close” program, which offers closings on eligible refinance loans any day of the month with no additional interest cost to the borrower regardless of when the loan is funded. Enabling borrowers to close on their own schedule allows them to take advantage of possible lower rates and expedites compensation timelines for brokers.
Carrington’s 30-day loan closing offer excludes certain products, including jumbo loans, HomePath, VA loans, short sales, new construction and flips.