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About Carrington Mortgage Services
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Carrington Mortgage Services (NMLS #2600) is a full-service mortgage lender that provides various loan options to a wide range of borrowers. The company was founded in 2007 and has since served over 1.4 million customers. It offers a digital loan servicing experience through its online loan portal and mobile app.
Pros & Cons
Pros
- Check rates online
- Flexible loan qualifications
- Personalized online dashboard for account management
Cons
- No in-person branches
- No phone support on weekends
Bottom Line
Carrington Mortgage Services offers a broad selection of home loans, including conventional, FHA, VA and USDA loans. Nearly all of its loan types allow flexible qualifications, with some permitting credit scores as low as 500. CMS is available to borrowers in 48 states.
Featured Reviews
John was assigned as my loan officer after a difficult and challenging three months trying to refinance my loan. John was familiar with the unconventional loan/deed issues that we...
Read full reviewCarrington helped me to purchase my current home. Being a widow with a young child made homebuying a hard process. Carrington helped walk me through the process and directed me to...
Read full reviewRates
You can check rates for purchase loans on Carrington Mortgage Services’ website. From the home page, click “Purchase” and select that you’re not an existing customer. Once you answer questions about the home's purchase price, the property's ZIP code, your down payment amount, your income and your credit score, Carrington shows you loans you may qualify for along with interest rates and annual percentage rates (APRs).
CMS offers both fixed- and adjustable-rate loans. Adjustable-rate mortgages (ARMs) have an introductory fixed-rate period that typically lasts five, seven or 10 years before the rate changes on a regular basis. An ARM could be a good choice if you want a lower rate to start or plan to either refinance or sell your home before the rate adjusts.
According to data provided under the Home Mortgage Disclosure Act, Carrington’s average home purchase rate from 2019 to 2021 was slightly higher than the national average. In 2021, its average home purchase rate was 0.75% higher than the national average.
Carrington Mortgage Services average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | +0.75% |
| 2020 | +0.68% |
| 2019 | +0.74% |
Application process
You can start the application process with Carrington Mortgage Services online by calling to speak with a loan officer. Be ready to answer questions about your income, assets and debts; the company uses this information to pre-qualify you for a loan.
During the application process, you’ll need to submit specific financial documents, such as W-2s, pay stubs, bank statements and previous years’ tax returns, to your loan officer.
Rosanne, a ConsumerAffairs reviewer from Hazlet, New Jersey, said of working with Carrington Mortgage Services:
"I can't say enough about my dealings with Ben, my loan specialist at Carrington Mortgage. … Ben is pleasant, knowledgeable, caring, and excellent with communication. He is easy to speak with and takes the time to explain every detail of the process and answer any questions you may have. My loan processor, Tiffany, was also excellent at keeping me informed as it came time to close. She responded to my emails immediately, which is not something you often find."
Carrington Mortgage Services application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | Six states |
| Publishes minimum rate on website | |
| Rate lock | 15 to 60 days |
| Pre-qualification (no hard credit pull) | |
| Certified approval letter |
Loan types
Carrington Mortgage Services offers a variety of loan products, including:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
The company also offers a loan option called Carrington Flexible Advantage, which it says is ideal for those with low credit scores or high debt-to-income ratios, those who are self-employed or don’t track income traditionally, or those with a recent credit event, like a foreclosure or bankruptcy.
Carrington also has a Flexible Advantage Plus loan for those who have lower credit scores but are current on their debts, and a Prime Advantage loan for those with a credit score of at least 660 who don’t qualify for a conventional or government-backed mortgage.
Fixed-rate loans come in 15-year or 30-year terms. ARMs are available as 5/1, 7/1 or 10/1 loans. (A 5/1 ARM means the borrower will have a fixed interest rate for five years, then the interest rate will adjust every year after.)
In 2021, CMS reported 11,272 home purchase applications; it closed on 6,243 home purchase loans (55%). About 12% of these home purchase applications were denied.
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 11,272 | 17,227 | 13,445 |
| Home purchase loans closed | 6,243 | 9,078 | 6,904 |
| Home purchase applications denied | 1,388 | 2,172 | 1,941 |
| Home purchase preapprovals denied | 0 | 36 | 125 |
Refinancing
You can refinance with Carrington to pull cash out of your home's equity or change your rate or term. The company offers both conventional and government-backed refinance loans.
The majority of the mortgages Carrington Mortgage Services originated from 2019 to 2021 were for refinancing. In 2021, about 83% were for rate-and-term refinances and cash-out refinances combined. Only about 17% of its loans in 2021 were for home purchases.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 16.78% | 24.35% | 20.05% |
| Refinance loans | 44.04% | 48.50% | 45.66% |
| Cash-out refinance | 39.19% | 27.15% | 34.29% |
Requirements
Carrington Mortgage Services provides general borrower requirements by loan type. For conventional loans, Carrington requires a credit score of at least 620 and a down payment of 20% or more. It does offer Home Possible loans that require as little as 3% down.
If you’re applying for an FHA or VA loan with Carrington, you need a credit score of at least 500. FHA loans require as little as 3.5% down, while the other government-backed loans don’t require money down.
Carrington’s Advantage loans permit credit scores down to 550 and allow you to qualify even with negative credit events.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
Carrington Mortgage Services discloses some, but not all, fees online. Many of the fees you pay for your loan depend on the loan type, the loan amount, your down payment amount, where the property is located and other factors.
You’ll receive an estimate of closing costs and other fees after you apply for a loan from Carrington, but you can also ask a loan officer at the time you apply. At least three days before the closing, CMS will give you a finalized list of closing costs in a document called a Closing Disclosure.
FAQ
How does Carrington Mortgage Services work?
Carrington Mortgage Services offers purchase and refinance loans to customers across the U.S. To apply for a mortgage, you can start online or call the company. A loan officer works with you to determine your needs and guide you through the process, from pre-qualification through closing. After your loan closes, you can use the online dashboard to verify loan details, see account activity and make payments.
Is Carrington Mortgage Services legit?
Carrington Mortgage Services is a legitimate mortgage lender that’s been in business since 2007. The company offers a number of home purchase and refinancing options for borrowers throughout most of the U.S.
Where is Carrington Mortgage Services available?
Carrington Mortgage Services is available in all states except Massachusetts and North Dakota. The company has branch locations in Arizona, California, Connecticut, Florida, Indiana and Maryland.
Carrington Mortgage Services Reviews
ConsumerAffairs has collected 929 reviews and 1,229 ratings.
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Reviewed Oct. 15, 2023
I recently used Carrington Mortgage Services. Each step of the way I encountered professional and knowledgeable people. Throughout the loan process Jennifer ** was very prompt with answers to my questions. My memory isn't always the best and I can worry about missing details, so I appreciate Jennifer's patience and professionalism. Our loan process went through just fine, but later I encountered a probIem with a financial institution and was unsure how to resolve it. Although the issue didn’t occur because of any error by Carrington, I was totally lost and read thru all the previous emails looking for a person to reach out to. I don't think the problem was something Jennifer ** normally deals with, but I had confidence she wouldn't turn me away.
In the end it was a fantastic decision. Jennifer pointed the way, checked into the best way to resolve the issue and even checked with me later to make sure it was all resolved. Part of my former career involved quality assurance monitoring for healthcare. There is usually that one person or occurrence, whether good or bad, which determines your impressions regarding an organization. My final and lasting impression of Carrington Mortgage Services is a very favorable one.
Reviewed Oct. 14, 2023
Your Best Catch Recommendation: He was friendly, kind, professional and knowledgeable in providing me with the information and help I needed. He is truly a beautiful asset to Carrington's workforce. His position is Sr. Loan Officer. I felt as though I am a valued customer.
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Reviewed July 17, 2023
Your Best Catch Recommendation: When everything seems to have gone wrong and I was directed to someone whom seemed to make everything right and manageable and achievable. That is absolutely amazing. To be pulled from stress and high anxiety within a matter of minutes. Just by speaking to a person whom you have never spoken with before, and to have such an amazing trust and friendship like feeling towards this person...well I cannot explain it., can you? Ms. Pamela did and said everything so perfectly, so kind and considerable that she just totally changed my day and all of my poor thought patterns. Pamela ** handled this business as if it were her very own. And as if she could not let this multimillion dollar client slip through her fingers., But it was only me! A person with big problems, who did not know how to solve them.
I came in looking for someone, anyone to guide me and to give me some type of understanding through this mess which I am in.. And here Ms. Pamela picked up that phone and answer my cry for help like a Super Heroine. With such calm and caring and cool, that I don't believe she registered anything except me being another one of her customers. That too, makes it so overwhelming to me. She had no idea what fantastic and great service she was rendering to me, for me. Because that is what she is accustomed to doing all the time! Is this not amazing! In the world that we live in today!? Someone who offers outstanding service and does not think it to be a big deal. She is the best thing that has happened to me in the last ten years! I tell you the truth. I don't need for anyone else to pick up the phone. Just give me Ms. Pamela **, and you have made my day, Everyday. Thank you Ms. Pamela for being who you are!
Reviewed June 20, 2023
My husband and I closed on our refinance loan with Carrington mortgage on June 16, 2023. Billie ** was the loan officer that assisted us. To my surprise she was absolutely amazing. She was kind, knowledgeable, patient and professional. She guided us patiently through each step of the process. My husband and I are middle aged people with very little understanding of the refinance process, so we had many questions and at times requested an answer to some of the same questions. Needless to say, we called her a lot!. At times I was thinking she has to be tired of us calling her. But if she was, you would have never known it. She always made us feel like we weren’t random customers but actual family members that she enjoyed talking to. She’s amazing! Here’s her information if you’re in the market for a mortgage loan. Billie Shay **.
Reviewed March 13, 2023
It wasn't necessarily the knowledge provided it was the compassion and comfort that associate made me feel. I've been in a rough spot the last two years and was terrified I was going to lose my home. Mind you I'm a mother of 6 kids, 3 of which are under the age of 3! However, Tiffany made dealing with my loan so easy and understandable. Honestly, I couldn't have spoke to her at a better time. She is amazing.
Reviewed July 15, 2023
Bank of America sold my loan to Carrington after agreeing to defer my payments. Since that time I filed for bankruptcy and Carrington has been unwillingly to work with my attorney on a fair plan to settle the balance on my remaining mortgage (30k). They keep filing objections to payment plans with the court. It has been a nightmare. I am trying to do the right thing and pay off my debt vs having it just written off, but they are trying to take my house instead of working on paying the remaining balance of $30k.
Reviewed May 25, 2023
Mostly one lie after another. Said we wouldn't have to pay mortgage ins anymore after 20% of loan was paid. LIE! No cost to refinance. LIE! Doesn't apply payments as requested on payment coupon. They have been a nightmare since our loan originated. Customer service is terrible. I have literally spent hours on the phone without satisfaction and got screwed in the end. Now loan is paid off thank goodness, so they have no reason to right their wrongs or be concerned about customer satisfaction!
Reviewed May 12, 2023
Matthew was very courteous, helpful, informative and polite during the whole refinancing process!! He called and suggested ways to help save us some money monthly and we are very grateful!!! He helped us save $700 a month.
Reviewed May 3, 2023
I was assigned a Senior Loan Processor who was pleasant and answered all of my questions in a timely manner. Carrington Mortgage makes the loan process very easy and value their customers. Well done - thank you!
Reviewed Jan. 17, 2023
My mortgage was sold to this awful company recently. It has been nothing short of a nightmare! They did an escrow analysis when my loan came over. They doubled my taxes in error, which caused my monthly payment to increase by $600. I have now called 13 times with no resolve. I have never been treated so bad, and had such poor service by ANY company!!!! I would go anywhere but here for your mortgage needs.
Sources
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 12, 2022.
Carrington Mortgage Services Company Information
- Company Name:
- Carrington Mortgage Services
- Website:
- carringtonms.com
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