Carrington Mortgage Services Mortgage Review

About Carrington Mortgage Services, LLC

Carrington Mortgage Services, LLC

Carrington Mortgage Services is the retail loan origination division of Carrington Holding Company, LLC. This company services over $66 billion in mortgages and is licensed to help you find and obtain a loan across 42 states in the United States. Carrington Mortgage strives to get their customers the right loan program and terms for their financial situation. Built on the core values of integrity and transparency, Carrington Mortgage provides unparalleled service. If you don’t believe us, check out Carrington Mortgage reviews from other LendingTree customers.

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Recommended
80%
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What is Carrington Mortgage Services?

Focused on the goal of serving the underserved in the mortgage financing market, Carrington Mortgage Services is a California-headquartered lender that got its start in 2007. In 2018, the company originated $4.89 billion worth of mortgage loans.


Working with Carrington Mortgage Services

Carrington Mortgage Services is licensed to originate mortgage loans in Washington, D.C. and the following 48 states:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

The company has 20 offices throughout the U.S., and each of the following seven branches has licensed retail loan officers:

  • Anaheim, Calif.
  • Westfield, Ind.
  • Jacksonville, Fla.
  • Columbus, Ohio
  • Scottsdale, Ariz.
  • Towson, Md.

Carrington Mortgage Services offers several loan types for borrowers with credit scores as low as 500, and their manual underwriting process for loans other than Fannie or Freddie means that self-employed borrowers looking for bank statement loans can turn to CMS for their mortgage needs. Borrowers can get loans for the following types of properties:

  • Single-family homes
  • Multi-family homes (2-4 units)
  • Manufactured homes
  • Condominiums
  • Townhouses
  • Additional property options available with some restrictions include:
    • Rural
    • Non-warrantable condominium
    • Planned unit developments (PUD)
    • Site condo
    • Modular
    • Mixed-use properties

Carrington Mortgage Services products

Carrington Mortgage Services features a variety of loan options for those who want to buy or refinance, including:

Purchase

Refinance


The mortgage application process

Carrington Mortgage Service’s goal is to focus on borrowers who have been neglected by much of the lending market. That means offering products and skills that specifically assist middle-income America and consumers with less-than-perfect credit. This goal isn’t just reflected in their product offerings but also in their service flexibility.

How to apply. Borrowers can start an application online, call to apply or can visit one of the seven branches with licensed retail loan officers. After applying, borrowers can give Carrington digital access to certain financial records through Fannie Mae’s Day 1 Certainty. They can also visit their online dashboard to follow the progress of their loan application.

Disclosures, rate locks and appraisals. In addition to seeing an updated loan status on their dashboard, borrowers can also attach and upload documents or receive and sign disclosures all online. For borrowers who prefer more manual processes, faxing and mailing disclosures and forms is also an option. Borrowers can also stay in contact with their loan officer and processor via text, phone and email. After applying, borrowers can often get an instant lock response for most of the loan products Carrington offers. After the borrower has chosen a home and signed disclosures and the intent to proceed, the loan processor will order the appraisal. Borrowers will be sent a link to pay for the appraisal online.

Final approval and closing. When a borrower has chosen a property, they can usually get a conditional approval within days of submitting the application and all necessary documents. Upon final approval, borrowers can select a settlement agent and choose to do the closing at a local office, or using a mobile service at a location of their choosing.

Communication during the process

Borrowers primarily communicate with their loan processor throughout the process, but they will also work with a loan officer during the early stages as the application and documents are being processed. The company provides a range of contact options to suit every borrower, including communication with the loan processor and loan officer through email, web portal, text, phone and mail.


Pros and cons of a Carrington Mortgage Services mortgage

Pros

  • Several retail branches. Carrington Mortgage Services blends a digital experience with the option of traditional in-person lending for borrowers in one of the six states housing their retail branches.
  • Credit scores as low as 500. Non-prime borrowers with credit scores as low as 500 may be able to secure loans of up to $1 million through Carrington Mortgage Services, even if they’ve recently had a bankruptcy or foreclosure. Loans up to $3 million may be available to borrowers with a credit score higher than 620 with three-year bankruptcy or foreclosure seasoning.
  • Self-employed bank statement. The company has a process for those who need an alternative way to verify income, such as the self-employed.
  • A variety of loan and property types for borrowers. This includes alternative loans with bank statement income verification and mixed-use properties.
  • Flexible communication options. Fax, email, phone, text, snail mail— all of these and more are acceptable.

Cons

  • No HELOC or HEL. While the company does have a cash-out refinance, it offers no home equity loan or line of credit product.
  • A small number of branches. Borrowers who want to visit their loan officer need to be within travel distance of the retail branches in just seven states.
  • No loans originated in Massachusetts or North Dakota.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.