“To accelerate and further enhance its ability to give this market the attention it deserves, Carrington has lowered its minimum credit requirement to a FICO score of 550, and expanded its guidelines on a number of FHA
and USDA loan programs, extending eligibility to more property types and reducing overlays,” the company stated in a news release. Carrington has also added to and enhanced several of its primary product offerings to increase accessibility to the underserved market.
About one in three consumers has a FICO score below 650, which can make getting financing a challenge. That’s a challenge Carrington says it’s uniquely qualified to meet.
“Effectively meeting the needs of clients in the underserved market requires the ability to both originate quality loans and appropriately service them after the fact,” said Ray Brousseau, executive vice president of Carrington Mortgage Services Mortgage Lending Division. “While that combination of capabilities is atypical among most lenders, at Carrington, it’s in our DNA. Both Carrington’s lending platform and specialty servicing business were created to serve this particular market segment. That uniquely positions us as the lender of choice for this population of borrowers, and the mortgage brokers and real estate agents who work with them. Our message is clear: You can count on Carrington to serve the underserved and get the tough loans done right.”
As of April 1, Carrington will also eliminate conventional and jumbo loans from its wholesale line and limit acceptance of wholesale submissions to those with FICO scores above 680. Carrington will continue to make VA loans across the credit spectrum.
“The company feels strongly that this move is necessary for appropriately allocating its resources to provide optimum support to borrowers in the underserved market,” Carrington stated.
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.
Carrington Mortgage Services announced plans today to increase its focus on reaching underserved borrowers in the sub-640 FICO score range.