Carrington Mortgage is a privately managed real estate investment management company that was founded in 2007. It is headquartered in Irvine, California with offices in Houston, Texas and Jacksonville, Florida. CMS provides home loan services to both borrowers and investors through multiple businesses covering nearly every aspect of both single family and residential real estate.
In this review, you’ll learn more about the pros and cons of doing business with Carrington Mortgage; their loan rates; and what you can expect if you decide to partner with them for your real estate financing needs.
CMS Mortgage – Details and Overview
With its core mission of delivering quality customer care to both its borrowers and investors, Carrington Mortgage is a subsidiary of Carrington Holding Company, LLC. It operates loan servicing locations in California, Texas and Florida that offer integrated full-life cycle mortgage loan services.
The company is organized into four separate, but related operational components: Asset management; mortgage servicing; mortgage lending and a real estate company. CMS helps to create both value and equity for both borrowers and investors through a variety of financing and re-financing programs that support the ability of homeowners to stay in their homes.
Carrington Loan Process Explained
Carrington Mortgage helps both home buyers and investors pre-qualify for a mortgage loan before they even begin the house hunting process with a fully online application process.
The Carrington online loan pre-qualification process is relatively simple and easy to complete. It asks for your name; e-mail address; telephone number; what state the property is in; and what the purpose of the loan is – a home purchase, cash-out re-fiance or no cash-out refinance.
After the pre-qualification form has been submitted, it will be processed by an underwriter, who will review the documentation and conditionally approve the loan request. If more information is required to process the application, the buyer will be contacted and asked to supply it.
Following the conditional approval, a Carrington mortgage professional will contact the buyer to formally complete the application. A lender will review the application and then provide a loan package to the buyer. It is at this point that the required down payment, rates and closing costs will be discussed. Buyers should keep in mind that mortgage insurance is also required when a down payment is less than 20 percent of the loan amount. Federal Housing Authority (FHA) and Veterans Administration (VA) backed loans also require mortgage insurance.
Carrington Mortgage offers annual percentage rates on a 30 year and 25 year fixed rate mortgage ranging from 5.25 to 3.5 percent. These rates are subject to change without notice, and can be higher or lower based on the buyer’s credit score and down payment amounts.
During the loan process, the buyer will also receive such documents as a good faith estimate and a truth-in-lending statement which list rates, loan fees and other costs associated with the loan.
When the loan has been formally approved, the buyer can create an account on the Carrington Mortgage website to manage and pay the loan by filling in a few boxes with the necessary information.
Pros and Cons of Carrington Mortgage
There are several reasons why home buyers and investors should consider working with CMS. Among them are:
- CMS services over $10 billion in mortgages and is licensed to offer loans in 42 states in the United States.
- Staffers are committed to finding buyers the right home loan to meet their unique needs and financial situation.
- Competitive financing rates and an easy, online pre-qualification process.
- Offers several loan products to customers, including conventional loans; VA, FHA and United States Department of Agriculture-backed loans.
In addition, the Carrington Mortgage website allows its customers to get assistance from anyplace in the world, at anytime, so the information or loan assistance they need is right at their fingertips.
There are some cons that buyers and investors should know when they opt to use CMS for their mortgage lending needs. Among them are:
- Longer than anticipated wait-time on phones have frustrated some customers.
- Not all CMS staffers may have the experience to process a loan or re-finance request that is unconventional. This may lead some buyers and investors to get “passed around” from one person to another and could lengthen the loan process.
- CMS is not licensed to offer loans in all 50 states that comprise the United States. Be sure to check that the company’s services are available in your location.
And, like many large companies that have many customers they are providing service to, CMS literally has thousands of buyers and investors on their rolls. That has some feeling like they are little more than a number and lamenting the loss of more personal service that a smaller company can provide.
Carrington Mortgage Customer Service Review
The Better Business Bureau has given Carrington Mortgage an A+ rating, a fact that is borne out with a quick perusal of online reviews. Reviewers wrote that they were extremely pleased with the ease of the loan process, the experience and expertise of the CMS staffers who assisted them in the process and the ease-of-use of the CMS website.
CMS also has its detectors. Some online reviewers lamented what they called a lack of customer service, long wait telephone wait times and the company’s tendency to pile on late fees and charges when a payment was not credited in time, delayed in the mail or wrongly applied to another account.
You can contact CMS at:
Carrington Mortgage Services stands ready to handle your mortgage lending needds, whether your are looking to buy your forever home or simply want to invest as a means of securing your financial future. Contact them via their website at carringtonms.com or give them a call at 877-330-2773 to see how they can help you.
All images taken from the official Nationstar website.