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Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Wholesale Lender Promises 3-Week Turnaround

Closing credit given if deadline not met

Feb. 4, 2014

By Mortgage Daily staff

A wholesale mortgage lender operating from California is offering a closing cost credit on loans originated by its mortgage broker clients if it doesn't close loans within three weeks.

The firm, which is a wholesale lending business under the Carrington Holding Company LLC umbrella, made the promise in an announcement Tuesday.

According to Carrington, a $500 closing cost credit will be applied at the time of closing if the mortgage isn't closed within 15 business days of receiving the appraisal.

The program has been dubbed by Carrington Mortgage Services LLC as the On Time Closing Promise.

It is available on the majority of the Santa Ana, Calif.-based company's loan programs and reportedly offers expanded guidelines for eligibility with fewer restrictions.

"Expedited processing allows brokers to be compensated faster and helps alleviate concern among real estate agents over sales lost due to a homebuyer's inability to close in a timely manner," the announcement said.

Carrington's wholesale lending business is online at www.carringtonwholesale.com.

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