Carrington Mortgage Services Amasses $122.1 Billion in Servicing Balances
ANAHEIM, Calif.--(BUSINESS WIRE)--Dec 19, 2022--
For a number of years, Carrington Capital Management, the asset management organization of The Carrington Companies, has diligently pursued the purchase of mortgage servicing rights (MSR) packages. MSR packages refer to a contractual agreement in which the right to service an existing mortgage is sold by the original mortgage lender to another party that specializes in servicing mortgages. At the close of 2010, Carrington Mortgage Services, LLC (CMS) servicing division had just over $14.3 billion in loan balances in its portfolio, representing 71,500 borrowers. As of Dec. 13, 2022, after boarding $62.3 billion in loans from more than 236,000 borrowers as part of recent 2022 MSR purchases, CMS has amassed an impressive $122.1 billion in servicing balances across more than 682,000 customers, nearly doubling the size of its platform.
“Through strategic MSR purchases, we have been able to accomplish measured growth during the past several years without the need for any platform acquisitions,” says Andrew Taffet, Chief Investment Officer for The Carrington Companies. “The CMS servicing team has worked hard to seamlessly welcome more than 236,000 new customers in 2022 to The Carrington Companies to serve all of their homeownership needs.”
The latest series of MSR acquisitions put Carrington in the top 25 of mortgage servicers nationwide. In addition to improving our financial strength, this new package of loans also gives the company access to a tremendous customer base. In addition to servicing borrower loans, Carrington can offer these borrowers its entire range of real estate and mortgage services. If customers need to refinance, Carrington may be able to offer them a lower interest rate; and when they’re ready to sell their home and buy another home, we’re ready to help. As we continue to enhance our customers’ experience, we’re using such tools as a new welcome packet and our borrower dashboard to make sure borrowers know what we can do for them.
“Crossing the $120 billion threshold is a considerable milestone for Carrington Mortgage Services, showing that we can achieve tremendous growth while staying true to our core values,” says Liz Balce, EVP, Loan Servicing for CMS. “The Servicing’s team commitment to excellence has made it possible for CMS to currently partner with more than 682,000 customers in their homeownership journey.”
The Carrington Companies
Carrington is a holding company whose primary businesses include asset management, mortgages and real estate transactions. Collectively, the businesses are vertically and horizontally integrated, and provide a broad range of real estate services encompassing nearly all aspects of single family residential real estate transactions in the United States. To read more visit: www.carringtonhc.com.
Through its collective associates made up of Carrington leaders and employees, the company’s nonprofit organization, Carrington Charitable Foundation, contributes to the community through causes that reflect the interests of Carrington Associates. For more information about Carrington Charitable Foundation, and the organizations and programs it supports through specific fundraising efforts, please visit: carringtoncf.org.
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CONTACT: Edward Pittman
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY BANKING
SOURCE: Carrington Mortgage Services, LLC
Copyright Business Wire 2022.
PUB: 12/19/2022 06:00 AM/DISC: 12/19/2022 06:01 AM