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Lending

Carrington offers 203K loans for fixer-uppers

Lender and servicer Carrington Mortgage Services has not been shy about expanding at a time when the basic nature of lending and servicing remains in transition.

To keep in line with this moving forward philosophy, the lending division of Carrington Mortgage Services announced plans to offer single loans that allow for up to $35,000 in property repairs to be financed right into the loan.

To do this, the lender is now participating in the government's Streamline FHA 203K loan program, which will be added to the company's government-insured product line, effective April 1.

Carrington's retail-lending channel plans to handle the operation cycle of the FHA 203K loan program, with the company also keeping the loans' servicing in-house.

The added program is an attractive proposition in a market where Carrington notes 20-25% of home sales sold as distressed properties in 2012.

The 203K loans are intended to allow buyers, realtors and mortgage brokers the opportunity to grab a singular product that meets the unique demands that come with purchasing homes in need of repair.

"We are pleased to offer FHA 203K loans through our retail and wholesale businesses, and to bring all aspects of these transactions including underwriting and closing timelines under our control," said Carrington Mortgage Services' Mortgage Lending Division Executive Vice President Ray Brousseau.

"This initiative enables us to more effectively serve our customers as well as the brokers and Realtors we partner with, allowing them to widen their markets and approach their local businesses with added confidence in what they have to offer," Brousseau added.

OPPORTUNITIES FOR BROKERS ABOUND

Carrington designed the program to give real estate professionals one place to turn when dealing with today's market dynamics and distressed real estate opportunities.

"From a wholesale perspective, this initiative presents opportunities for purchase-focused brokers to work directly with real estate agents, consumers and investors throughout the front-end lifecycle of these loans, thereby maintaining involvement and increasing the potential for repeat or referral business," Carrington said in a press release.

Carrington is offering 203K training to partnering brokers this month and throughout the program's launch period. 

kpanchuk@housingwire.com

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