Carrington to start offering subprime mortgages

Carrington Mortgage Services’ decision to offer subprime mortgage loans was a natural progression from its decision four years ago to concentrate on borrowers with credit scores under 640. It had been serving lower credit score borrowers through its capabilities as a Ginnie Mae issuer to do Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture mortgages, Ray Brousseau, Carrington’s president, said in an interview. “We’ve been growing year over year over year; it’s treated us very, very well.” The introduction of the non-qualified mortgage program is the natural evolution of that program.

READ MORE

Source: National Mortgage News