Carrington Mortgage Services is offering 30-day loan closings for borrowers purchasing properties.
The new 30-day loan program applies to the Federal Housing Administration and conventional purchase loans. On average in 2012, it took 46 days to process a loan. Carrington claims it can surpass that average by 16 days.
If the promised time frame lapses, Carrington says it will apply a $995 closing credit to the loan at the time of closing.
"We're proud to offer shorter turn times through our wholesale lending division and to bolster broker, agent and consumer confidence with this 30-day closing commitment," said Ray Brousseau, executive vice president of Carrington Mortgage Services.
"Over the past year, we’ve worked diligently toward refining and expanding our operational processes to deliver maximum efficiency and give wholesale brokers an edge over traditional retail lending institutions."