“ProcessIQ is designed to meet the needs of brokers who don’t have the time or resources to lend to more distressed borrowers whose cases tend to be more complex,” said Bruce Rose, CEO and Founder of The Carrington Companies. “Regardless of their credit status, these borrowers deserve the opportunity to qualify for a loan and take advantage of our current rates.”
Carrington charges an additional $200 for the service on top of its underwriting fee, which the company says can be “bought back and rolled over into pricing” instead of being charged directly to borrowers. Carrington compares its rate to other third-party processing fees averaging more than $800 per loan file.
The deployment of ProcessIQ is the latest addition to the company’s various product offerings, including conventional lending and its proprietary non-QM Prime Advantage, Flexible Advantage and Investor Advantage products designed for non-traditional borrowers.
Read more: Carrington enters non-prime
“When a broker combines the services offered by ProcessIQ with Carrington’s competitive pricing, along with our superior expertise in areas such as manual and non-QM underwriting, they will be able to provide a decisive advantage to underserved borrowers. said Rose.