Industry NewsMortgage

Carrington commits to 25-day loan closings

Qualifying loans not processed on time will receive $500 closing cost credit

The lending division of Carrington Mortgage Services is offering 25-day loan closings to borrowers looking to purchase or refinance a home -- and it's prepared to put its money where its mouth is. The division is the residential wholesale and retail loan origination arm of Santa Ana, Calif.-based Carrington Holding Company LLC, and originates loans in 40 states and Washington, D.C. Citing Ellie Mae data, Carrington noted that purchase loans closed in an average of 46 days last year, while refinance loans closed in an average 49 days. In a new program announced today, the company pledges to cut that time nearly in half to 25 calendar days from the time a file is submitted to underwriting to the time the loan funds -- or give borrowers a closing cost credit of $500 applied to the loan once it closes.  "Carrington's 25-day closing program provides borrowers a shorter, more predictable timeline during what can often be a stressful waiting period, and offers them a competitive edge...