Carrington Mortgage Services will begin offering the Federal Housing Administration's 203k full loan program through its national wholesale division, the company announced Tuesday.
The loan will be offered as a renovation loan, through which applicants with FICO scores of 550 or above can borrow for the cost of purchase and renovation of their home.
Santa Ana, Calif.-based Carrington had already provided 203k loans for properties in need of minor repairs or upgrades.
The administration is pitching a $26.7 billion reduction to the regulator's funding for rental assistance, public housing and elderly and disability housing.
Even though Motto Mortgage has 8% fewer open offices than a year ago, executives touted franchise renewals with owners committing to another seven years.
The tool's launch comes as various sources report growth in both serious borrower delinquencies and foreclosure activity over the first few months of 2025.
Industry payrolls wavered in a tepid buying season in which total employment has been better than expected given government cuts.
Fitch says large nonbank lenders are positioned to gain share as they manage debt maturities and outlast smaller rivals hit harder by market volatility.
In a recent interview, Bill Pulte claimed he's signed 80 orders for the agency, although only a dozen have been made public via his social media feed.
