The wholesale lending division of Carrington Mortgage Services announced on Wednesday that it is eliminating its underwriting fee in its wholesale division
“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,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, mortgage lending division.
“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.”
In March, Carrington lowered its minimum FICO score to 550 and expanded its guidelines on a number of FHA, VA and USDA loan programs to serve those borrowers typically in the sub-640 FICO score range.
Carrington also recently announced that it plans to expand its operations into the state of Indiana.
The company plans to have the facility, which will “provide growth opportunities” for the company’s origination and servicing departments, operational by the end of the year.