Carrington ready for return of non-QM market

by Ryan Smith29 Sep 2020

Carrington Mortgage Services says it’s ready for the return of the non-agency market. The company is offering a suite of non-agency products through its retail, wholesale and correspondent lending channels, it announced recently.

“At Carrington, we have been looking forward to the day the marketplace returned for non-agency products, and we know how important it is to ensure our product offerings are price-leading and right for both brokers and borrowers,” said Greg Austin, executive vice president of mortgage lending at Carrington Mortgage Services. “Our team works hard daily to deliver on that promise, and our full suite of non-agency products is a solid demonstration of that commitment.”

In addition to conventional agency products, Carrington offers its proprietary Prime Advantage, Flexible Advantage and Investor Advantage products. The Prime Advantage product is designed for higher-credit-quality non-agency borrowers who may have just missed qualifying for conventional or jumbo loans, and allows for alternative income documentation. Flexible Advantage loans are designed for borrowers with recent credit events, as well as non-traditional income sources such as self-employment. Investor Advantage includes no personal income requirements, with qualification based on the cash flow of the property.

“As the non-agency lending space experiences fast-paced change, at Carrington we have worked continuously to meet market demands,” said Kevin DeLory, senior vice president for wholesale and correspondent at Carrington, “The key to a successful non-agency offering is to provide a complete suite of non-agency programs that work for everyone, and we are proud to do just that.”