On Monday, Carrington Mortgage Services [1] (CMS) announced that it is expanding in the secondary market with the launch of its new correspondent lending division. According to Carrington, this new channel is intended to complement CMS’s full portfolio of loan origination channels, which includes wholesale and retail.
“We have diligently built the correspondent division for success, and we’re now ready to hit the ground running,” said Ray Brousseau, President of CMS. “We’re committed to delivering a high level of transparency and timeliness to the non-delegated correspondent lending process. We understand that it’s all about providing our originators with the ability for further growth and profitability.”
Products offered by CMS correspondent lending include government and conventional loans. Government loans are offered through the FHA and VA loan programs, while CMS offers a variety of conventional conforming and high-value loans through Fannie Mae and Freddie Mac. Additionally, Carrington offers loans through the “Carrington Advantage Series”, which are Non-QM, loan products for purchase, refinance and cash-out refinance with loan amounts up to $2 million, up to 90 percent LTV and no MI.
According to CMS, Carrington Correspondent offers turn times of 48 hours on conventional and government loan purchase reviews, as well as 48-hour underwriting, conditions review, and closed loan purchase review. Turn time for Carrington Advantage Series loan purchase review is expected to be around five days.
“CMS has a proven track record of customer-centric service, combined with quick turn-times for underwriting and purchasing closed loans,” said Greg Austin, EVP of Lending for CMS. “Our non-delegated channel is committed to helping correspondent lenders increase their business by delivering products that allow them to work with borrowers in the underserved and non-QM markets. We also provide exceptional support for borrowers after the sale, and currently service over $60 billion in loans.”
For more information on the CMS Correspondent Program, click here. [2]