California-based Carrington Companies, a holding company whose primary businesses include asset management, mortgages, real estate transactions and real estate logistics, named Andrew Taffet as chief executive officer, succeeding company founder Bruce Rose.
Rose will assume the role of chairman of The Carrington Companies' Executive Committee. Taffet, who was formerly the company's chief investment officer, will still keep this role and assume the duties of CEO.
“This is not a dramatic handoff by any means, but rather a natural next step for our business,” said Rose. “In addition to his duties as chief investment officer, Andrew has been handling the day-to-day operations and oversight of our company for some time. The Carrington Companies will continue to operate as they have for the past 20-plus years. Our effectively self-hedged business strategy positions us for continued success, as we have demonstrated even during the most challenging market cycles.”
Taffet, who has been with Carrington for over two decades, remarked, "Together with the executive committee, we have achieved great success during the past 20 years. I am truly honored to assume the role of chief executive officer and continue to work with such a talented team to build upon our achievements to date. Bruce provided me with an opportunity to start my career with Carrington two decades ago, and it has been a privilege to contribute to the growth of our platform. I am deeply grateful for his visionary leadership and all he has taught us during this time. I look forward to carrying this vision into the future, continuing to lead Carrington’s development and leveraging our collective experience to drive success.”
Per a press release from the company, Carrington offers a suite of non-QM loan offerings, FHA, VA, USDA and conforming Conventional products. In December 2022, Carrington Mortgage Services' (CMS) Second Lien program began providing a welcome source of liquidity to existing CMS servicing customers. In July 2023, Carrington expanded its offerings to include 40-year loans and temporary buydowns. The company also operates Vylla Home, a nationwide real estate brokerage that is licensed in 39 states and the District of Columbia.
"At Carrington, it’s our company’s mission to enable a lifetime of simple and attainable homeownership," Rose noted. "Andrew’s intuitive and experienced understanding of our business, coupled with his unceasing dedication to the families who trust us with all aspects of their homeownership journey, is an enviable combination that will serve our company and our customers well for many years to come.”
