Carrington launches interest-only product enhancement

by Steve Randall16 Jul 2019

Carrington Mortgage Services (CMS) has launched an interest-only product enhancement.

The enhancement adds to the firm’s non-agency products offered through all loan origination channels, including wholesale, retail, and correspondent lending.

Carrington’s Interest-Only Product Enhancement is the latest entry to our product offerings for borrowers, brokers and correspondent sellers,” said Ray Brousseau, President of CMS. “Interest-Only adds yet another level of flexibility to our industry-leading products.”

The California-based privately held non-bank lender has a range of products including conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products and its proprietary Flexible Advantage non-agency programs.

It says that the new interest-only option adds flexibility for those borrowers who may need to manage their cash flow to focus on other priorities including retirement savings, investments, or children’s college funds.

“At Carrington we have continuously met the market demands for changes in the non-agency lending space,” said Greg Austin, EVP of Wholesale and Correspondent Lending for CMS. “As we work to provide a complete suite of non-agency programs, our Interest-Only option is another essential product for qualified borrowers.”

More market update: