According to Ellie Mae’s latest Origination Insight Report, the average time to close a purchase loan was 46 days in 2012, while the average time to close a refinance loan was 49 days.
Carrington’s new program (available through its retail operations) reduces closing times by nearly 50 percent compared those averages and provides borrowers “a shorter, more predictable timeline during what can often be a stressful waiting period,” the company said in a release.
In addition, Carrington committed to applying a closing cost credit of $500 for any qualifying loan that takes more than 25 calendar days from the time a file is submitted to underwriting to the time the loan is funded.
“We’re proud to extend this 25-day closing offer, which is possible due to the refinements we’ve made in our operational processes, staffing and management over the past year,” said Ray Brousseau, EVP of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “By redefining the way we do business and challenging the industry norm, Carrington is well-positioned as the go-to lender for borrowers and agents looking to close quality loans more quickly.”
Certain products, including brokered loans, jumbo loans and FHA 203K loans, are excluded.
Based in California, Carrington Mortgage Services—Mortgage Lending Division is the residential wholesale and retail loan origination division of Carrington Holding Company.
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