Carrington Mortgage Services Extends 25-Day Loan Closing Program

In Santa Ana, California, ""Carrington Mortgage Services, LLC"":http://www.carringtonms.com/webapps/cms/index.do announced plans to extend its retail operation's 25-Day Loan Closing program.

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Under the program, Carrington commits to process any qualifying loan (from the time a file is submitted to underwriting to the time that it funds) within 25 calendar days, or the company will apply a closing cost credit of $500 to the loan once it closes. Initiated in February, the [COLUMN_BREAK]

program is intended to cut closing times by nearly 50 percent compared to industry averages.

Since the 25-Day Loan Closing program was initiated earlier this year, Carrington reports seeing a marked increase in loan applications received: a month-over-month increase of 27 percent from February to March, contributing to a 28 percent combined monthly increase from January through the end of March. In addition, for the past two months, Carrington's retail lending division has closed most loans qualifying for the program within 15 days--well under the 25-day goal.

""We're proud of the successes realized through our 25-Day Loan Closing program, both in terms of meeting an obvious need within the market for expedited closings and pushing us to cut our processing times even further,"" said Ray Brousseau, EVP of Carrington Mortgage Services' Mortgage Lending Division. ""By redefining the way we do business, challenging the industry norm and striving for continuous improvement, Carrington is the go-to lender for borrowers and agents looking to close quality loans more quickly.""