Inaya Mclaughlin
Carrington Mortgage Services is a mortgage company that offers lending options, property financing services, and real estate solutions to over 682,000 customers across the US. As of 2022, the company has a large servicing portfolio with balances totalling approximately $122.1 billion. Carrington Mortgage Services was founded in 2007 and is headquartered in Anaheim, California. The company operates in all 50 states and services a large number of federally backed mortgage loans. In the past year, Carrington bought $62.3 billion in servicing from home loans, nearly doubling its portfolio and bringing its total to $122.1 billion in MSRs.
| Characteristics | Values |
|---|---|
| Total amount in servicing balances | $122.1 billion |
| Number of customers | 682,000 |
| Amount bought in servicing from home loans in the past year | $62.3 billion |
| Number of borrowers whose loans were bought in the past year | 236,000 |
| Total number of federally backed mortgage loans serviced (as of September 2020) | 500,000 |
| Number of Federal Housing Administration loans serviced (as of September 2020) | 325,000 |
| Number of US Department of Agriculture loans serviced (as of September 2020) | 100,000 |
| Number of Veterans Benefits Administration loans serviced (as of September 2020) | 50,000 |
| Number of loans backed by GSEs serviced (as of September 2020) | 25,000 |
| Amount in mortgage servicing rights in 2010 | $14.3 billion |
| Number of borrowers' loans in 2010 | 71,500 |
What You'll Learn
Carrington Mortgage Services' portfolio is worth $122.1 billion
The Carrington Mortgage Services portfolio is worth $122.1 billion in servicing balances, as of December 2022. This figure represents a significant increase in the company's exposure to servicing over the last decade. In 2010, Carrington's portfolio was valued at $14.3 billion, derived from 71,500 borrowers' loans. The company's current portfolio includes mortgage servicing rights (MSRs) from over 682,000 borrowers.
Carrington Mortgage Services, a non-bank mortgage servicer, has expanded its portfolio through strategic MSR purchases without engaging in merger and acquisition activity. This growth strategy has propelled the company into the top 25 mortgage servicers in the nation. The increased portfolio size enhances Carrington's financial strength and provides access to a diverse customer base.
The company, founded by Bruce Rose in 2007, is headquartered in Anaheim, California and operates across 48 states. Carrington provides a comprehensive range of real estate and mortgage services, including lending options, property financing, and foreclosure support. The company's offerings cater to a wide range of customers, including those impacted by financial hardships.
Carrington's commitment to excellence and customer care is evident in their dedication to supporting borrowers throughout their homeownership journey. They have developed a mobile app to enhance the homeownership experience, offering convenient features such as easy payment options and access to important documents. Carrington also prioritizes community engagement and contributes to various causes through its nonprofit organization, the Carrington Charitable Foundation.
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The company's portfolio has doubled in size
The company's growth has been attributed to strategic MSR purchases, which have allowed for measured growth over several years. Carrington's portfolio expansion brings increased financial strength and access to a vast customer base. The company can now offer its full range of real estate and mortgage services to a wider audience, including lower interest rates for refinancing and support when buying or selling a home.
Carrington's commitment to excellence has been a key driver of its success, with a focus on providing comprehensive real estate solutions and supporting a diverse customer base. The company has also emphasised its dedication to borrowers facing financial difficulties, as seen in its recent CFPB settlement. Carrington's range of services includes lending options, property financing, and real estate solutions, with tailored products to facilitate the homeownership journey.
The company's growth has been strategic, with initiatives to expand its non-QM lending capabilities and target underserved markets. Carrington has also bolstered its leadership team, with Andrew Taffet, an expert in asset management and mortgage servicing rights operations, at the helm as CEO. The company's future plans include enhancing service flexibility to cater to unique borrower needs, such as the self-employed or those with varied credit histories.
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Carrington has over 682,000 customers
As of 2022, Carrington Mortgage Services has over 682,000 customers across the US. The company, founded in 2007 by Bruce Rose, is headquartered in Anaheim, California, and operates in all 50 states.
Carrington's portfolio has grown significantly over the years. In 2022, the company's servicing portfolio nearly doubled, reaching \$122.1 billion in balances, with the addition of $62.3 billion in mortgage servicing rights from over 236,000 borrowers. This growth propelled Carrington into the top 25 mortgage servicers in the nation.
Carrington provides a comprehensive range of real estate and mortgage services, including lending options, property financing, and foreclosure services. The company is committed to supporting a diverse customer base and offers tailored products to meet unique borrower needs, such as those who are self-employed or have varied credit histories.
In addition to its mortgage services, Carrington also demonstrates a commitment to corporate social responsibility through its nonprofit organization, the Carrington Charitable Foundation. The foundation contributes to community causes and initiatives, reflecting the interests of Carrington Associates.
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Carrington is now one of the top 25 mortgage servicers in the US
Carrington Mortgage Services has become one of the top 25 mortgage servicers in the US. The company, headquartered in Anaheim, California, has reported a servicing portfolio of $122.1 billion in MSRs, representing 682,000 borrowers. This significant growth has been achieved without engaging in any merger or acquisition activity, showcasing the active secondary market for mortgage servicing rights.
Carrington's success is attributed to its strategic MSR purchases, allowing it to accomplish steady growth over the years. The company's commitment to excellence has enabled it to partner with a vast customer base, offering a comprehensive range of real estate and mortgage services. Carrington provides lending options, property financing services, and tailored products to support borrowers throughout their homeownership journey.
The company's expansion into new markets, such as non-QM lending, showcases its commitment to serving diverse customer needs. Carrington's focus on fair terms for non-citizen borrowers and enhanced service flexibility demonstrates its dedication to supporting those with unique financial backgrounds.
Carrington's large servicing portfolio has also led to notable growth in its exposure to servicing. In 2010, the company held $14.3 billion in mortgage servicing rights from 71,500 borrowers' loans. This growth demonstrates Carrington's ability to adapt to market changes and solidify its position as a leading mortgage servicer in the US.
Carrington's journey to becoming one of the top 25 mortgage servicers in the US is a testament to its dedication, strategic initiatives, and commitment to providing exceptional customer care and innovative solutions to borrowers and investors.
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Carrington's portfolio includes servicing and second liens
As of 2022, Carrington Mortgage Services has a large servicing portfolio with balances totalling approximately $122.1 billion, representing 682,000 borrowers. The company, which was founded in 2007 by Bruce Rose in Anaheim, California, has grown into a comprehensive mortgage company within the Carrington Holding Company framework. Carrington Mortgage Services provides lending options, property financing services, and real estate solutions to over 682,000 customers across the US.
Carrington Mortgage Services provides integrated, full-lifecycle mortgage loan servicing assistance to borrowers and investors, delivering exceptional customer care and programs that support borrowers in their homeownership experience. The company is committed to supporting a diverse customer base and offers tailored products and services to meet the unique needs of borrowers, such as those who are self-employed or have varied credit histories. Carrington also provides property preservation and management services to maintain and manage properties throughout the foreclosure process.
Carrington's portfolio includes a range of real estate services encompassing nearly all aspects of single-family residential real estate transactions in the United States. The company operates in all 50 states and services a large number of federally backed mortgage loans, including Federal Housing Administration loans, U.S. Department of Agriculture loans, Veterans Benefits Administration loans, and loans backed by government-sponsored entities.
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Frequently asked questions
As of 2022, Carrington Mortgage Servicing Portfolio has a large servicing portfolio with balances totalling approximately $122.1 billion.
Carrington Mortgage Servicing Portfolio has over 682,000 customers across the US.
Carrington's exposure to servicing has grown significantly over the last dozen years. In 2010, Carrington had just $14.3 billion in mortgage servicing rights in its portfolio from 71,500 borrowers' loans.
