Carrington Mortgage Services introduced a 25-day loan closing intiative for borrowers who want to substantially reduce the time it takes for them to refinance or purchase a home.
Carrington said the program is designed to reduce closing times by nearly 50% when comparing the 25-day period to industry averages.
Carrington says from the time a loan is filed with underwriting, the company commits to funding the loan within 25 calendar days. If Carrington misses the deadline, it will automatically apply a $500 credit to the loan once it does close.
The industry average is 46 days for a closing, according to Carrington Mortgage Services. However, the average time it takes to refinance a loan is roughly 49 days, according to Ellie Mae's Origination Insight Report.
Recognizing that borrowers want a more expedient process, Carrington rolled out the 25-day closing program to reduce stress and offer the growing wholesale and retail lender a competitive edge in the market.
"We're proud to extend this 25-day closing offer, which is possible due to the refinements we've made in our operational processes, staffing and management over the past year," said Ray Brousseau, executive vice president of Carrington Mortgage Services mortgage lending division. "By redefining the way we do business and challenging the industry norm, Carrington is well-positioned as the go-to lender for borrowers and agents looking to close quality loans more quickly."
The product is available at Carrington's 30 retail locations and its main loan originations unit.
Carrington Mortgage Services is the lending division of Carrington Holding Co.