Carrington Offers Three-Day Turn Times for FHA, Conventional Loans
By: Tory Barringer
The Wholesale Lending Division of California-based Carrington Mortgage Services announced two new programs designed to assist brokers and borrowers quickly and easily close in the tight housing market.
Effectively immediately, Carrington is offering three-day turn times on conventional purchase loans and loans insured by the Federal Housing Administration (FHA).
As part of its “Three Day Turn Time Promise” program—offered only for the month of February—the company will decision any eligible FHA or conventional purchase loan within three days of the time it is submitted to underwriting or waive its underwriting fee of $995.
In addition, Carrington announced that it stands ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.
Carrington’s ongoing “FHA Streamline Ready to Close” program offers closings on eligible FHA Streamline refinance loans any day of the month, allowing borrowers to take advantage of possible lower rates and enabling brokers to be compensated quicker.
“In a tight market, the ability to close fast and when the borrower is ready can set brokers apart from their competition,” said Ray Brousseau, EVP of Carrington Mortgage Service’s Mortgage Lending Division. “With these two new incentive programs, we’re offering wholesale brokers an edge over traditional retail institutions—and giving borrowers a better opportunity to purchase the properties they’re interested in.”
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