Carrington Mortgage Services Wholesale Introduces ProcessIQ
Summary
“ProcessIQ is designed to meet the needs of brokers who don’t have the time or resources to provide loans to more credit-challenged borrowers whose files tend to be more complex,” said Bruce Rose, CEO and founder of The Carrington Companies. When an enrolled broker submits a non-QM or full-doc FHA, VA, or USDA loan, they can request that the Carrington ProcessIQ team handle all of the logistics and work directly with the borrower, according to the company. CMS believes this makes it easy for its broker partners to expand their loan processing capabilities for more nuanced loans such as those with low FICO scores, high debt ratio or alternative income documentation requirements. If desired, the underwriting fee can be ‘bought out’ and moved into pricing, instead of being charged directly to borrowers. The introduction of ProcessIQ is another addition to the company’s full range of government and non-QM loan products.