The competitive advantage of Carrington Mortgage Services Non-QM
ANAHEIM, Calif .– (COMMERCIAL THREAD) – Carrington Mortgage Services, LLC (CMS), one of the nation’s largest private non-bank lenders, has an impressive range of loan offerings available through its loan origination channels, which include retail loans, wholesale and mail order. To sharpen its competitive advantage, CMS recently announced comprehensive changes to its non-QM pricing and guidelines that provide a clear advantage for CMS’s retail, wholesale and mail order channels.
“We’ve been exploring ways to grow our non-QM presence for some time,” says Jeff Gillis, EVP, Wholesale Lending, for CMS. “We are now a price leader in the non-QM space; and this is especially true for our Carrington Investor Advantage product.
During a recent analysis of its non-QM pricing and associated 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.
“The Retail opportunity is to quickly enter the market, become experts in our products and significantly develop the platform through 2021 and beyond,” says Fred Quick, EVP, Retail Lending, for CMS. “I see non-QM as a major contributor to the future of our retail platform. ”
CMS’s various product offerings, designed to meet the needs of today’s retail clients, wholesale mortgage brokers and non-delegated correspondent sellers, include conventional Fannie Mae and Freddie Mac products, FHA products, VA and USDA and the exclusive Carrington Prime Advantage.SM, Flexible advantageSM and Investor AdvantageSM products, which have been specifically developed to further demonstrate the company’s continued commitment to borrowers with FICO scores of up to 550. Carrington is also distinguished by its considerable expertise in manual underwriting and processing. Carrington Prime Advantage and Flexible Advantage loans are suitable for borrowers with recent credit events, as well as non-traditional sources of income such as self-employment or contract work, often verifiable by documents such as bank statements, who wish to buy a home or refinance higher loan balances. Carrington’s Investor Advantage program highlights do not include any personal income requirements, with qualification based on the property’s cash flow.
According to Kevin DeLory, SVP, Wholesale & Correspondent, for CMS, the recent price and guideline adjustments are a bold move designed to make Carrington a leader in the non-QM market.
“We have the most competitive rates and guidelines, which allows us to position Carrington as the non-QM market leader,” says DeLory. “The commitment is there for us to be the premier lender in the non-QM space. ”
For more information on CMS products and services, please visit CarringtonMortgage.com or CarringtonAlly.com.
The Carrington Companies
Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions. Collectively, the companies are vertically and horizontally integrated and provide a wide range of real estate services encompassing almost all aspects of single-family residential real estate transactions in the United States. To learn more, visit: www.carringtonhc.com.
Through its collective associates of Carrington officers and employees, the company’s nonprofit, Carrington Charitable Foundation, contributes to the community through causes that reflect the interests of Carrington Associates. For more information about the Carrington Charitable Foundation and the organizations and programs it supports through specific fundraising efforts, please visit: carringtoncf.org.