Carrington Mortgage Services Wholesale Introduces ProcessIQ

CMS’ ProcessIQ service is unique to the industry, and gives Carrington a competitive advantage over other lenders by offering more complete services to its brokers.

Carrington Mortgage Services, LLC (CMS), one of the nation’s largest privately held non-bank lenders, boasts an impressive slate of loan offerings and services to mortgage brokers nationwide. In another important addition to its services, CMS has introduced ProcessIQ to assist brokers in moving complicated and time-sensitive loans through their pipelines more easily. This new service is unique to the industry, and gives Carrington a distinct competitive advantage over other lenders by offering more complete services to its brokers.

“ProcessIQ is designed to meet the needs of brokers who don’t have the time or resources to provide loans to more credit-challenged borrowers whose files tend to be more complex,” said Bruce Rose, CEO and Founder of The Carrington Companies. “Regardless of their credit situation, those borrowers deserve an opportunity to qualify for a loan and take advantage of our current rates.”

With ProcessIQ, approved CMS Wholesale brokers have the option of having Carrington process the loan as part of its underwriting. When an enrolled broker submits a non-QM or full-doc FHA, VA or USDA loan, they can request that the Carrington ProcessIQ team handle all of the logistics and work directly with the borrower.

The broker’s loan officer still manages all licensable activities. However, the ProcessIQ team takes care of everything else, which makes it easy for our broker partners to expand their loan processing capabilities for more nuanced loans such as those with low FICO scores, high debt ratio or alternative income documentation requirements.

Some of the key benefits brokers will be able to take advantage of with ProcessIQ include:

• ​A first-rate experience for their borrowers.
• The capacity to originate loans they may not have experience or the resources to process.
• The ability to provide loan options and a seamless experience to credit-challenged customers.
• Additional processing capacity to originate more loans.
• Proactive communication to stay informed every step of the way.
• No expensive third-party processing fees, which average more than $800 per loan file.
• Just $200 added to our already low CMS underwriting fee.

ProcessIQ is a great way for brokers to accelerate moving complicated and time-intensive loans through their pipelines. If desired, the underwriting fee can be ‘bought out’ and moved into pricing, instead of being charged directly to borrowers.

“When a broker pairs the services offered by ProcessIQ with Carrington’s competitive rates, as well as our superior expertise in such areas as manual and non-QM underwriting, they will be able to deliver a decisive benefit to underserved borrowers,” said Rose.

CMS’ diverse product offerings include FHA, VA, USDA and conforming Conventional products. In addition, Carrington’s proprietary non-QM Prime Advantage^SM, Flexible Advantage^SM and Investor Advantage^SM products were specifically developed to further demonstrate the company’s ongoing dedication to non-traditional borrowers. Carrington Prime Advantage and Flexible Advantage loans are right for borrowers with non-traditional income sources such as self-employment or contract employment, often verifiable by such documents as bank statements, who want to purchase a home or refinance higher loan balances. These programs may help borrowers with credit challenges or recent housing events like bankruptcy or foreclosure. Carrington’s Investor Advantage Program highlights include no personal income requirements, with qualification based on an investment property’s cash flow.

According to Carrington, ProcessIQ will enable CMS to assist more brokers and serve as a superior vendor partner. The introduction of ProcessIQ is another welcome addition to the company’s full range of Government and non-QM loan products, making Carrington’s services more comprehensive than ever before.

For more information on ProcessIQ, please visit CarringtonWholesale.com/ProcessIQ.

The Carrington Companies

Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions. Collectively, the businesses are vertically and horizontally integrated, and provide a broad range of real estate services encompassing nearly all aspects of single family residential real estate transactions in the United States. To read more visit: www.carringtonhc.com.

Through its collective associates made up of Carrington leaders and employees, the company’s nonprofit organization, Carrington Charitable Foundation, contributes to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation, and the organizations and programs it supports through specific fundraising efforts, please visit: carringtoncf.org.

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