Lender Promotes Faster Turn Times

*Lender Promotes Faster Turn Times*
**By Tony Garritano**

TonyG***The time it takes to process a loan may be expanding for some, but we have learned that Carrington Mortgage Services, LLC has added two new programs specifically designed to offer both brokers and borrowers a competitive advantage in a tight housing market. Effective immediately, Carrington is offering three-day turn times on FHA and conventional purchase loans, and is ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.

****As part of its “Three Day Turn Time Promise” program offered only for the month of February, Carrington will decision any eligible FHA or conventional purchase loan within three days of the time it is submitted to underwriting or waive its underwriting fee of $995.

****The company’s ongoing “FHA Streamline Ready to Close” program offers closings on eligible FHA Streamline refinance loans any day of the month, allowing borrowers to take advantage of possible lower rates and enabling brokers to be compensated quicker.

****“In a tight market, the ability to close fast and when the borrower is ready can set brokers apart from their competition,” said Ray Brousseau, executive vice president of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “With these two new incentive programs, we’re offering wholesale brokers an edge over traditional retail lending institutions – and giving borrowers a better opportunity to purchase the properties they’re interested in.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.