Carrington Mortgage Services Updates Non-QM Products – NMP
These changes include “improved non-QM rates and improved guidelines.”
“We have been exploring ways to increase our non-QM presence for some time,” said Jeff Gillis, executive vice president of wholesale loans for CMS. “We are now a price leader in the non-QM space; and this is especially true for our Carrington Investor Advantage product. “
During a recent analysis of its non-QM pricing and related guidelines, CMS identified a number of ways to improve its non-QM product offerings: Carrington Flexible AdvantageSM, Carrington Flexible Advantage PlusSM, Carrington Prime AdvantageSM, and Carrington Investor. AdvantageSM, according to a press release. Release.
“The retail opportunity is to get to market quickly, become experts in our products, and significantly develop the platform through 2021 and beyond,” said Fred Quick, vice-president. executive chairman, retail loan, for CMS. “I see non-QM as a major contributor to the future of our retail platform. “
CMS’s product offerings include conventional Fannie Mae and Freddie Mac products, FHA, VA and USDA products, and Carrington’s exclusive Prime AdvantageSM, Flexible AdvantageSM and Investor AdvantageSM products. According to the company, these products were specifically developed to demonstrate the company’s continued dedication to borrowers with FICO scores of up to 550.
Carrington Prime Advantage and Flexible Advantage loans were created for borrowers with recent credit events, as well as for non-traditional sources of income such as self-employment or contract work, often verifiable by documents such as bank statements. , who wish to buy a home or refinance higher loan balances, the statement said. Carrington’s Investor Advantage program highlights do not include any personal income requirements, with qualification based on the property’s cash flow.
According to Kevin DeLory, senior vice president, Wholesale and Correspondent, for CMS, the recent price and guideline adjustments are a bold move designed to make Carrington a non-QM market leader.
“The commitment is there for us to be the premier lender in the non-QM space,” DeLory said.