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These changes include "improved non-QM rates and improved guidelines."
"We have been exploring ways to grow our non-QM presence for some time," says Jeff Gillis, executive vice president, wholesale lending, for CMS. "We are now a price leader in the non-QM space; and this is particularly true for our Carrington Investor Advantage product."
During a recent analysis of its non-QM pricing and related guidelines, CMS identified a number of ways to improve its non-QM product offerings: Carrington Flexible AdvantageSM, Carrington Flexible Advantage PlusSM, Carrington Prime AdvantageSM and Carrington Investor AdvantageSM, according to a press release.
"The retail opportunity is to get to market quickly, become experts on our products and grow the platform considerably into 2021 and well beyond," says Fred Quick, executive vice president, retail lending, for CMS. "I see non-QM as a major contributor to the future of our retail platform."
CMS’s product offerings include conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products and Carrington’s proprietary Prime AdvantageSM, Flexible AdvantageSM and Investor AdvantageSM products. According to the company, these products specifically were developed to demonstrate the company’s ongoing dedication to borrowers with FICO scores down to 550.
Carrington Prime Advantage and Flexible Advantage loans were created for borrowers with recent credit events, as well as non-traditional income sources such as self-employment or contract employment, often verifiable by such documents as bank statements, who want to purchase a home or refinance higher loan balances, according to the release. Carrington’s Investor Advantage Program highlights include no personal income requirements, with qualification based on property cash flow.
According to Kevin DeLory, senior vice president, Wholesale and Correspondent, for CMS, the recent pricing and guideline adjustments are a bold move designed to make Carrington a non-QM market leader.
“The commitment is there for us to be the premier lender in the non-QM space,” said DeLory.