To assist brokers in providing loans to credit-challenged borrowers, Carrington Mortgage Services  announced the elimination of its underwriting fee in its wholesale division.
Effective immediately, brokers working with the company will be able to provide a more direct path to disclose and fund loans in a compliant manner without having to deal with the added cost of an underwriting fee.
The California-based company said dropping the underwriting fee is aligns with its focus on accelerating and enhancing its ability to "give the underserved market the attention it deserves."
"In an increasingly competitive lending environment, organizations like Carrington are standing out and succeeding by being in a position to offer additional easy to use and efficient services to the broker community, along with a predictable level of service," said Ray Brousseau, EVP of Carrington Mortgage Services' Mortgage Lending Division.
He continued, "Eliminating the underwriting fee simplifies the process for mortgage brokers, providing more of an opportunity to focus on meeting the needs of consumers, while delivering on Carrington's service proposition."