Mortgage Provider Grows Non-QM Products

Carrington Mortgage Services, LLC one of the nation’s non-bank lenders, announced the launch of Prime Advantage. The addition of the Prime Advantage product is another addition to CMS’s full slate of non-agency products offered through the CMS loan origination channels, which include Wholesale, Retail and Correspondent lending.

“Since the day I joined Carrington, our primary objective has always been to lead non-agency lending back into the marketplace,” said Greg Austin, EVP, CMS. “We know how important it is to ensure our product offerings are sharp and industry leading. Our team works hard daily to deliver on that promise. Prime Advantage is an example of that commitment.”

Prime Advantage is designed for higher-credit-quality non-agency borrowers who may have “just missed” qualifying for conventional or jumbo loans. The Prime Advantage product allows for the use of Alternative Income Documentation, while delivering competitive pricing. Prime Advantage is a perfect fit for borrowers who find themselves in between qualifying for the Carrington Flexible Advantage PlusSM program and conventional or jumbo products.

“As the non-agency lending space experiences fast-paced change, at Carrington we have continuously met market demands for that change,” said Fred Quick, EVP, Retail Lending, for CMS. “The key to a successful non-agency offering is to provide a complete suite of non-agency programs, and by adding Prime Advantage we’ve done just that.”

Prime Advantage is the latest addition to CMS’s diverse product offerings, which are designed to meet the needs of today’s non-delegated originators, and include conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products and Carrington’s proprietary Flexible Advantage products, which were specifically developed to further demonstrate our ongoing commitment to underserved borrowers.