SOURCE: Carrington Mortgage Services

Carrington Mortgage Services

April 17, 2013 06:00 ET

Carrington Mortgage Services Extends 25-Day Loan Closing Program

Successful Initiative Creates Influx of Loan Applications and Further Expedites Closing Times

SANTA ANA, CA--(Marketwired - Apr 17, 2013) - Carrington Mortgage Services, LLC (Carrington) today announced plans to extend its retail operation's 25-Day Loan Closing program, which offers expedited loan closings to borrowers seeking to purchase or refinance properties. Under the terms of this program, which is designed to cut closing times by almost fifty percent compared to the industry averages cited in Ellie Mae's February 2013 Origination Insight Report dated March 20, 20131, Carrington commits to process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 25 calendar days, or the company will apply a closing cost credit of $500 to the loan once the loan closes.

Since Carrington's 25-Day Loan Closing program was initiated in February, the company has seen a marked increase in its number of loan applications received: a month-over-month increase of 27 percent from February to March, contributing to a 28 percent combined monthly increase from January through the end of March of 2013. Another measure of the program's success is the related reduction in average closing timelines to well below 25 days. For the past two months, Carrington's retail lending division has been closing most loans qualifying for this program within 15 days.

In 2012, the mortgage industry's average time to close a purchase loan was 46 days, while the average time to close a refinance loan was 49 days according to an Ellie Mae Origination Insight Report. In many cases, processing can take much longer -- sometimes as long as 60-90 days. Carrington's 25-day closing program provides borrowers a shorter, more predictable timeline during what can often be a stressful waiting period, and offers them a competitive edge in a tight market by giving them the ability to get a loan closed more quickly than other potential homebuyers. The advantages of expedited processing also extend to real estate agents, who sometimes lose sales when homebuyers can't secure financing in a timely manner.

"We're proud of the successes realized through our 25-Day Loan Closing program, both in terms of meeting an obvious need within the market for expedited closings and pushing us to cut our processing times even further," said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC's Mortgage Lending Division. "By redefining the way we do business, challenging the industry norm and striving for continuous improvement, Carrington is the go-to lender for borrowers and agents looking to close quality loans more quickly."

This program is available through Carrington's 30 retail locations and its centralized loan originations unit. For a list of office locations, please visit www.CarringtonHomeLoans.com, or call 1-888-267-0584 to speak with a loan officer. Certain products, including brokered loans, jumbo loans and FHA 203K loans, are excluded. For offer details, interested parties should consult with a Carrington loan officer by calling the number above.

About Carrington Mortgage Services - Mortgage Lending Division

Carrington Mortgage Services, LLC - Mortgage Lending Division is the residential wholesale and retail loan origination division of Carrington Holding Company. The company originates loans in 40 states and the District of Columbia, with an experienced team focused on producing high quality loans and error-free transactions. Carrington's advanced technology platform and high-touch customer service provide superior loan origination experiences for retail and wholesale customers alike. Founded in 2007, Carrington Mortgage Services is based in Santa Ana, California and is an equal housing opportunity lender. To learn more about Carrington Mortgage Services, visit www.CarringtonHomeLoans.com.

1. Ellie Mae Origination Insight Report for February 2013, released on March 20, 2013: http://www.elliemae.com/ellie-mae-releases-february-2013-origination-insight-report/press-releases/

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