Carrington Mortgage Services LLC is a direct mortgage lending and servicing company with its headquarters in Anaheim, California. Since the company is a direct lender, it offers an integrated suite of services including loan processing, underwriting, closing and financing. The following is a description of the company, its loan offerings and what customers think of its products and services.

What Carrington Mortgage Services Is

Carrington Mortgage Services was founded in 2007. Its parent company, Carrington Holding Company LLC, is a privately held investment management company. The holding company operates four related business divisions: asset management, which manages investments in U.S. property markets; mortgage servicing, which services loans to homebuyers; mortgage lending, which makes loans to homebuyers; and a real estate company, which offers property services.

Carrington Mortgage Services operates two loan servicing locations that provide support services to borrowers and investors after the loan origination process. As of 2016, it services nearly $10 billion in mortgages and services loans in 49 states, the District of Columbia and several U.S. territories including Guam, the Northern Mariana Islands, Puerto Rico and the Virgin Islands. It has licenses to originate loans in 45 states.

Mortgage Products Offered

Carrington Mortgage Services offers its customers six types of loans: conventional loans, Federal Housing Administration (FHA) loans, Veterans Administration (VA) loans, jumbo loans, down payment assistance (DPA) programs and United States Department of Agriculture (USDA) loans.

The company's conventional loans are fixed-interest-rate loans. It offers 15- and 30-year fixed-rate loans in this category. With both of these loans, monthly principal and interest rates never change. The 15-year loans have higher monthly payments than the 30-year loans; however, borrowers pay off the loans more quickly and save on interest costs. Maximum loan amounts may vary by location but are generally $417,000 for single-family homes.

The company's FHA loans are designed for borrowers with short credit histories or limited funds. FHA loans have more flexible qualifying criteria and lower down payment requirements than conventional loans. The company offers FHA loans with fixed interest rates, terms up to 30 years and down payments as low as 3.5%.

Carrington Mortgage Services' VA loans provide mortgage lending for military personnel, veterans and their families. VA loans offer favorable loan terms and often require no down payments or mortgage insurance. The company offers VA loans with 30-year fixed-rate terms and limited origination fees, appraisal fees and closing costs.

Jumbo loans are for borrowers who are purchasing luxury or high-priced homes. Jumbo loans allow homebuyers to borrow between $417,000 and $2.5 million to purchase both primary and secondary homes. Borrowers may finance up to 80% of the value of their homes with jumbo loans.

DPA programs aid homebuyers with down payments and closing costs associated with their home loans. The company's DPA programs coordinate with state housing authorities to assist borrowers with affordable housing. Carrington Mortgage Services has 53 DPA programs in 13 states and Washington, D.C.

Mortgage Rates

Carrington Mortgage Services does not publish its rates on its website but offers a tool for customers to calculate their monthly payments. Customers can use the company's mortgage calculator to estimate the costs associated with their loans. The calculator allows a customer to input the type of loan, the term for the loan, an interest rate, property taxes and home insurance. The company then calculates the monthly payment.

Carrington Mortgage Services has contact forms on its website for customers to get specific rate quotes for loans. The company asks customers to provide the state in which they are purchasing the property and the purpose for the loan. Factors such as whether the loan is for purchase, cash-out refinance or non-cash-out refinance may affect the terms the customer receives.

What Consumers Are Saying

Carrington Mortgage Services has mixed reviews from consumers for its products and services. On ConsumerAffairs.com, the company has a one-star rating from consumers. Of the 229 consumers who rated the company on the site, 219 gave it one star, seven gave it two stars and one each gave it three, four and five stars. On LendingTree.com, the company has an average 3.7 out of five stars from the 22 reviewers who rated its products and services.

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