Mortgage lender Carrington Mortgage Services has rolled out two additional programs that will speed up turn times on Federal Housing Administration and conventional purchase loans, while allowing streamline refinances that give borrowers a chance to save on interest expenses.
The lender said its "Three Day Turn Time Promise" initiative is in effect for only the month of February and promises borrowers that Carrington “will decision” eligible FHA or conventional purchase loans within three days of the time its submitted to underwriting. If the three-day deadline is not met for eligible loans, the $995 underwriting fee will be waived, Carrington said in a press statement.
"In a tight market, the ability to close fast and when the borrower is ready can set brokers apart from their competition," said Ray Brousseau, executive vice president of Carrington Mortgage Services, Mortgage Lending Division.
The second program of interest is the "FHA Streamline Ready to Close Program," which is Carrington's offer to close on eligible FHA streamline refinance loans on any day of the month, so borrowers can enjoy the possibility of lower rates and brokers can receive faster compensation.