Carrington Mortgage Services

Carrington Mortgage Services Reviews

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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

    Featured Reviews

    Verified
    Fleetwood, PA

    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...

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    Verified
    Lebanon, OH

    Carrington 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 review

    Rates

    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

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    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

    Loan types

    Carrington Mortgage Services offers a variety of loan products, including:

    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

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    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

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    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

    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

    Stars Rating

    • 37%
    • 32%
    • 12%
    • 4%
    • 15%

    Popular Mentions

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      How do I know I can trust these reviews about Carrington Mortgage Services?
      • 4,482,526 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 6
      Customer ServicePunctuality & SpeedStaffRates

      Reviewed April 10, 2024

      Best Catch Recommendation for Carrington Mortgage Services is: In 2020, my husband and I worked with Brendan ** to refinance our home mortgage and Brendan went above and beyond to make sure he got us the best rate. My husband and I had checked other sources but Brendan's customer service and his relentlessness to make sure we were taken care of exceeded our expectations. Recently we had been getting calls and emails from other loan officers from Carrington but I happen to see Brendan's most recent email contacting us about equity in our home and I remembered his name and how he helped us and I told my husband that we should reach out to Brendan again.

      Brendan gave us all the information and let us ask as may questions to gain a better understanding and he said he would send us information via email on the loan, amounts we could possibly take out and what that would look like for us going forward. He jumped right on getting that information to us quickly. Talking to Brendan makes you feel at ease and lye makes you feel as if he genuinely cares and we are not just a number. He does not rush you and makes sure your questions are answered. It is a pleasure working with him.

      StaffLoan Process

      Reviewed Dec. 22, 2023

      Recently my loan was transferred from my troublesome, dishonest lender to Carrington. I can't believe how well I am being treated even though I am behind on my mortgage. My main contact at Carrington has been Catalina **. She has been very patient with me and more than helpful. Her knowledge is expansive. She sent me paperwork for me to fill out to help me save my home. She has also answered any questions I have asked her. I get the feeling that Carrington has integrity. I didn't realize lenders could actually care. My last lender offered me no help at all. I look forward to my future with Carrington and Catalina.

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        Customer ServicePunctuality & SpeedStaffLoan Process

        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.

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        Staff

        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.

        Reviewed May 13, 2024

        I have never had a lender so unwilling to work with me. Their policies are terrible and they make life very difficult for the customer. I thought policies couldn't get any worse than when I was with Chase but I was very wrong. I am seriously considering taking the several thousand dollar hit to refinance with another company to cut all ties with Carrington.

        Customer ServicePunctuality & Speed

        Reviewed April 9, 2024

        I was charged a late fee of $70 on an underpayment of $66 when I misplaced my mortgage statement. I paid from an older bill which showed an incorrect amount as my payment had gone up and I forgot about the increase. We have never been late or short before and they would not waive the late fee. First time I asked, they refused but never called me back after saying they would look into it. Tried again 2 months later and was refused because they followed their policy. Basically took advantage of a senior that was never offered and forgot to ask for a waiver. Terrible and unsatisfactory customer service. I would not do business with them.

        Customer ServicePunctuality & SpeedStaffLoan Process

        Reviewed Jan. 12, 2024

        Marine Corps Veteran. Carrington Mortgage put me on a forbearance agreement from 8/1/2023 to 12/31/2023. I contacted them prior to the end of the forbearance agreement and told them I needed a few more months and if they can extend my forbearance agreement another 3 to 4 months would be greatly appreciated. Not did they not extend it another 3 to for months, but they wanted me to sign a loan modification taking my payment from $3600 to $6000 a month. How is that helping me out? How's that helping my daughter out?

        I called the customer service department and both people I spoke with were very rude. They said not only are they not going to extend my forbearance agreement but they want all 6 payments in the forbearance agreement paid immediately or they're marking my credit report delinquent 6 payments. I said I don't have $22k to pay you. What if I make one payment and you place the remainder of it on the back of the loan like most people coming out of a forbearance agreement and I go back to making my normal payments. The rude rep said even if I sent them one payment they will not apply it to my account until I pay all 6 payment. I said, "What about my credit." She said, "We're still going to mark you late." I said, "You just screwed my family over."

        How am I going to refinance my house if my credit report is going to show 6 payments down? No response from her. Then I said, "If I'd known this is how you guys were going to handle this I'd would have refinanced my house last year when the rates were better than they are now." Because of this I had to file for Chapter 7 Bankruptcy on 1/4/2024 and now I'll be homeless with my daughter and all because they didn't want to help out a Marine Corps Veteran. I did 2 tours in Iraq and you think that all I've done for this country they'd at least extend out my forbearance agreement a few more months so I can save my house for my daughter. This shows you Carrington Mortgage doesn't care about military veterans as long as they can put them on the street and take their houses. This is wrong on so many levels. A nightmare!

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        Customer ServiceStaffTransparency

        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!

        Verified purchase

        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.

        Customer ServiceStaffLoan Process

        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 **.

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          Sources
          ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page . Specific sources for this article include:
          1. 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