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Carrington Makes Plans to Offer Streamline 203(k) Loan Through Retail

JAN 15, 2013 11:15am ET
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Carrington Mortgage Services LLC plans to begin offering the Federal Housing Administration’s streamline 203(k) loans through its retail business as well as a brokered product.

The company’s retail lending division will now control the complete operation cycle and related servicing for all of its 203(k) loans, and its wholesale lending division will also add the full 203(k) loan program to its government product line as of April 1.

Carrington noted that the loans, which are designed to fund the purchases of homes requiring renovation, have been popular as about 20% of home sales in 2012 were distressed.

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