Carrington vows to tap market for lower-FICO borrowers

by Ryan Smith22 Apr 2014
Carrington Mortgage Services recently announced plans to pursue business in a traditionally underserved market – borrowers in the sub-640 FICO score range.

The company’s decision to lower its minimum credit requirement to a FICO score of 550 opens up the mortgage market to borrowers who might otherwise find themselves shut out – and it makes good business sense, said Ray Brousseau, executive vice president of Carrington’s Mortgage Lending Division.

“The desire to serve the ‘underserved market’ isn’t a new concept for Carrington. It’s in our history and in our DNA,” Brousseau said. “That said, Carrington has spent considerable time, energy and capital in building the infrastructure of its lending platform over the past several years. With this new capacity, the decision became where to focus our efforts.”

Carrington has expanded its guidelines on a number of FHA, VA and USDA loan programs, extending eligibility to more property types. The company has also added to and enhanced several of its primary product offerings to increase accessibility to the underserved market.

“This market was a natural fit given our unique position (as a) specialty servicer with a high-touch background and lender with expertise in underwriting and fulfilling this type of production,” Brousseau said. “Personally, I spent the bulk of my career providing financial services for middle income America, and I am Carrington’s biggest fan when it comes to this strategy. I am passionate about it.”

To learn more, real estate professionals can contact their local Carrington branch or visit www.CarringtonHomeLoans.com/branch for more details. Brokers and banks can get more information through their account executives – or, to establish a wholesale lending relationship, visit www.CarringtonWholesale.com/become-approved or call 1-866-453-2400.
 

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