The mortgage origination side of Carrington Mortgage Services will no longer offer multifamily refinancing through the Federal Housing Administration Streamline program.
The demand is simply no longer there, the company said.
“These particular loans represented an insignificant amount of business for us,” said Rick Sharga, executive vice president at Carrington.
“Given the relatively low amount of interest and the amount of work involved in executing these loans, we made a business decision to not continue to be part of the program,” he added.
Sharga said Carrington will still offer conventional and standard FHA products for multifamily unit purchases or refinancing in addition to a wide range of conventional and FHA loan products for borrowers purchasing and refinancing single family homes.