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CMS also launched a Delegated Correspondent Lending channel, which is expected to become an integral part of Carrington’s business.
Carrington’s strong financial position and ability to purchase loans quickly will benefit loan sellers. Because CMS can purchase their loans faster, it opens up their warehouse line; the faster loans sell, the faster sellers can then fund more loans, allowing them to expand their volume.
“The CMS Operations team, with few exceptions, has worked together for many years; and the level of service provided by this team is nothing less than outstanding. Sellers receive very quick turn times, and have access to all team members,” said Greg Austin, executive vice president of mortgage lending for CMS.
Michael O’Brien, vice president of correspondent sales for CMS, also stated that the launching of the Delegated Correspondent Lending platform provides CMS with the opportunity to expand its position in the correspondent lending space. “Many lenders want to control the transaction with their borrower,” said O’Brien. “Offering a delegated delivery option allows us to reach more of those lenders. It also gives those lenders access to Carrington’s impressive suite of products.”
The wealth of product offerings, coupled with recent changes to its non-QM pricing and guidelines, have made Carrington more competitive than ever. CMS includes conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products, and Carrington’s proprietary Prime AdvantageSM, Flexible AdvantageSM and Investor AdvantageSM products; all of which were specifically developed to demonstrate the company’s commitment to helping borrowers with low FICO scores.
Carrington Prime Advantage and Flexible Advantage loans are for borrowers with recent credit events and non-traditional sources of income who want to purchase a loan or refinance. Carrington’s Investor Advantage Program includes no personal income requirements with qualification based on property cash flow.