Expansion Continues At Carrington

Carrington mortgage Services has opened four new branches in Warrenton, Virginia; Plano, Texas; Houston, Texas; and Fishers, Indiana; along with the appointment of Jeff Scannicchio as Senior Vice President of Mortgage Lending Operations. Carrington’s branch expansion initiatives and management appointments provide business development opportunities in each of these regions, while extending a wide range of product offerings and faster turn times to effectively meet market demands – particularly with respect to reaching and serving “underserved” borrowers (typically those in the sub-640 FICO score range). The company’s experienced managers named to lead Carrington’s new branches include: Jessica Furr in Warrenton; Mike Denton in Plano; Oliver de Boer in Houston; and Ryan Higley in Fishers.

Carrington’s newly appointed SVP Jeff Scannicchio will manage national operations for the Mortgage Lending Division and support the organization’s objectives in continuing to grow the operation’s functional capacity, efficiency and market share. Scannicchio, a proven senior executive financial services leader, has successfully demonstrated his leadership competencies in managing organizational development in increasingly competitive business environments throughout his career. He spent the last seven years with JP Morgan Chase & Company overseeing their U.S. Consumer Direct and Home Equity operations groups, as well as retail channel fulfillment covering the West and South regions of the country. Prior to Chase, Scannicchio held senior leadership positions for over 15 years with Citigroup, Associates First Capital Corporation and Fleet Financial Group, all of which were centered in the growth and management of operations fulfillment nationally across all distribution channels.

“We are pleased to announce that we’ve expanded into these additional markets, and welcome Jeff Scannicchio to our exceptional team of highly skilled financial services professionals,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “As we continue our trajectory of growth, we want to ensure that we are effectively meeting the needs of consumers in many markets throughout the U.S., as well as maturing our processes and systems to keep pace while maintaining our loan quality, and remaining sharply focused on servicing the underserved market. We are confident that our plans for continued branch expansion, and appointments like Jeff Scannicchio will effectively contribute to accomplishing these goals.”

An estimated one in three Carrington consumers has a FICO credit score below 650 according to industry experts. For these consumers, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle due to the company’s ability to both originate quality loans and appropriately service them after the fact. While Carrington will continue to provide a wide breadth of product and support to borrowers across all ranges of the credit spectrum, the company will increase its attention and focus on providing service to that underserved segment of the market where it can make the most impact – and where its core competencies are obviously needed. 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, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.

As advocates of borrower education and in support of the company’s commitment to meeting the needs of the underserved market, Carrington developed patent-pending MyLoanDetail, a proprietary online loan review resource designed to improve the financial literacy of its customers by walking every customer through the details of their loan. This education initiative will help to ensure borrower understanding of loan terms and responsibilities. Carrington will require all of its customers to complete the MyLoanDetail online education prior to funding

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