Carrington Mortgage Services expands into wholesale mortgage origination
Lender and servicer Carrington Mortgage Services plans to expand its mortgage origination platform to include a robust wholesale origination business after completing its acquisition of American Home Equity Corp. assets this week. Full terms of the deal are not yet public. By pulling in assets tied to the Irvine, Calif-based lender, Carrington said it looked to gain talent and resources in the financing of agency, government and non-conforming loan programs. By adding the AHE assets, Carrington said it can now move forward with its goal of growing a wholesale origination platform. Santa Ana, Calif.-based Carrington said AHE originated $1 billion in new business in the last two years.. "The overall sales culture is a good fit with CMS and is based upon the delivery of a customer-centric value proposition," said Steve Patton, executive vice president of mortgage lending at CMS. "This addition will provide Carrington with an immediate proven foundation to launch our wholesale origination model on a nationwide basis." AHE President Alan Pott is joining Carrington, bringing two decades of experience in loan origination to the lender. Write to Kerri Panchuk.