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Carrington Mortgage Services Wholesale Introduces ProcessIQ

Navi Persaud
Feb 08, 2022

Carrington Mortgage Services introduced its ProcessIQ product that was developed to assist brokers in moving complicated and time-sensitive loans through their pipeline more efficiently.

With the launch of Carrington Mortgage Services' ProcessIQ, the company states that it is looking to help borrowers gain resources to help more “credit-challenged” borrowers.

“ProcessIQ is designed to meet the needs of brokers who don’t have the time or resources to provide loans to more credit-challenged borrowers whose files tend to be more complex,” said Bruce Rose, CEO and founder of The Carrington Companies. “Regardless of their credit situation, those borrowers deserve an opportunity to qualify for a loan and take advantage of our current rates.”

With ProcessIQ, approved CMS Wholesale brokers have the option of having Carrington process the loan as part of its underwriting. When an enrolled broker submits a non-QM or full-doc FHA, VA, or USDA loan, they can request that the Carrington ProcessIQ team handle all of the logistics and work directly with the borrower, according to the company.

The broker’s loan officer still manages all licensable activities. However, the ProcessIQ team takes care of everything else. CMS believes this makes it easy for its broker partners to expand their loan processing capabilities for more nuanced loans such as those with low FICO scores, high debt ratio or alternative income documentation requirements.

ProcessIQ also includes:

  • No third-party processing fees, which average more than $800 per loan file.
  • $200 added to CMS' underwriting fee.

If desired, the underwriting fee can be ‘bought out’ and moved into pricing, instead of being charged directly to borrowers.

CMS’ product offerings include FHA, VA, USDA and conforming Conventional products. In addition, Carrington’s proprietary non-QM Prime AdvantageSM, Flexible AdvantageSM, and Investor AdvantageSM products were specifically developed to further demonstrate the company’s ongoing dedication to non-traditional borrowers. The introduction of ProcessIQ is another addition to the company’s full range of government and non-QM loan products.

Feb 08, 2022
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