Carrington Offers Retail Loan Close Guarantee

Carrington Mortgage Services said it will process any qualifying loan from the time that a file is submitted to underwriting to the time that it funds within 25 calendar days, or the company will apply a closing cost credit of $500. The offer is for loans originated through the company’s retail offices or centralized loan origination unit and applies to both purchase and refinance applications.

Carrington cited Ellie Mae data showing 46 days to close a purchase loan or 49 days for a refinance during 2012.

The company for its wholesale business recently started a February promotion promising 72-hour turn times to underwrite and decision an FHA or conventional purchase loan or it will provide a $995 closing cost credit to the borrower.