Carrington Wholesale Now Offering 15-Day Loan Closings

Posted by Patrick Barnard on February 04, 2014 No Comments
Categories : FYI

The wholesale lending division of Carrington Mortgage Services has expanded its successful Purchase Promise Program to offer 15-day loan closings to borrowers looking to purchase or refinance properties.

The new On Time Closing Promise applies to the majority of Carrington's loan programs and offers expanded guidelines for eligibility with fewer restrictions. Carrington commits to be ready to close any qualifying loan within 15 business days of appraisal receipt or the company will apply a $500 closing cost credit to the loan at the time of closing.

Carrington's On Time Closing Promise provides consumers, brokers and their real estate partners a shorter, more predictable timeline to secure financing, giving them a competitive edge in a tight market. Having a Carrington loan provides buyers with the peace of mind that their loan can be cleared to close quickly when a seller is ready to move forward with a sale. Expedited processing allows brokers to be compensated faster and helps alleviate concern among real estate agents over sales lost due to a home buyer's inability to close in a timely manner.

‘In an increasingly service-oriented and purchase-focused lending environment, being able to close quickly or on the buyer's time frame is a distinct competitive advantage among agents and brokers,’ says Ray Brousseau, executive vice president of Carrington Mortgage Services' mortgage lending division, in a release. ‘Carrington's On Time Closing Promise – the next evolution of Carrington's service proposition – will allow mortgage brokers to provide a fast and predictable level of service with greater efficiency than any competitive program we're aware of.’

Certain exclusions apply. For more information, click here.

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