Industry NewsMortgage

Carrington’s wholesale division commits to 30-day loan closing

Lender says fast closings can help keep deals from falling through

The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days. To back up its guarantee, Carrington said that it will offer a $995 closing credit to a borrower if it takes the company longer than 30 days to originate a loan. The program, offered by the wholesale lending division ofĀ Santa Ana, Calif.-basedĀ Carrington Holding Company LLC, marks the latest effort by Carrington to streamline mortgage closings. The company's retail division, which, along with its wholesale division, originates loans in 40 states and Washington, D.C., introduced a similar initiative last month that guaranteed closings within 25 days or less. For that program, Carrington said it would pay a $500 closing credit if it exceeded the deadline.Carrington said its 30-day-closing program will reduce stress for all parties involved in...