Carrington Mortgage Services has been authorized as a Ginnie Mae issuer for the GNMA I and II single-family MBS program.
The approval allows the firm to pool and securitize Federal Housing Administration (FHA) loans, and add them to the servicing portfolio.
In a press release, the firm said that this authorization will allow them to increase growth and cut down on the “middlemen” in their origination-to-capital markets business.
“This approval expands our capabilities as a mortgage originator and servicer, and ultimately allows us to better serve our retail and wholesale customers,” said Carrington Executive Vice President of the Mortgage Lending Division Steve Patton. “Carrington is committed to increasing its presence and providing needed liquidity for qualified borrowers, as well as high quality investments for purchasers of our GNMA securities.”
Prior to the approval, Carrington originated conventional, Jumbo, FHA and U.S. Department of Veterans Affairs loans and sold whole loans exclusively in the secondary market.