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Carrington Evolves from Whole Loan Seller to Issuer

Ginnie approves Carrington as issuer

July 19, 2011

By MortgageDaily.com staff


Until now, Carrington Mortgage Services LLC has sold all of its originations on a whole-loan basis. But that has changed -- enabling Carrington to enhance its wholesale offerings.

On Tuesday, the Santa Ana, Calif-based mortgage firm said that it has been approved by the Government National Mortgage Association to securitize government mortgages.

The approval applies to the issuance of Ginnie Mae I single-family pools and Ginnie Mae II single-family pools.

"The approval allows Carrington to pool and securitize FHA loans, and provides an avenue for increasing growth by adding those FHA loans to the servicing portfolio," Carrington said in the news release.

Carrington Executive Vice President Steve Patton noted in the statement that the Ginnie Mae approval will enable the company to better serve wholesale lending customers as "others exit the origination sector, particularly in wholesale."

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