New ProcessIQ Loan Processing Service
Carrington Mortgage Services, LLC (CMS) is pleased to announce the new ProcessIQ service available for Wholesale Brokers. This new service provides approved CMS Brokers with the option to have their loans processed by Carrington. This service is unique in the industry and gives Carrington a competitive advantage over all other lenders! ProcessIQ allows brokers the choice to expand the overall underwriting services for which Carrington has deep expertise. Brokers must sign up to be part of the program with their Account Executive, but there are no special requirements to sign up.
With ProcessIQ, when an enrolled Broker submits a Non-QM or full-doc FHA, VA or USDA loan they may request the Carrington ProcessIQ team to work directly with the borrower to process the loan. The Broker’s Loan Officer continues to manage all licensable activities in the same manner as they do today; however, CMS will handle everything else with the loan transaction.
Some of the Key Benefits Brokers enjoy when using ProcessIQ include:
- A first-rate experience for the borrower
- The capacity to originate complex loans
- Additional processing capacity to originate more loans
- Proactive communication to stay informed every step of the way
- No expensive 3rd Party Processing Fees which average over $800 per loan file
- Just $200 added to our already low CMS Underwriting Fee
ProcessIQ has the following fee structure:
|Loan Type/State||Underwriting Fee*||Underwriting Fee with ProcessIQ*|
|New Jersey & Iowa||$0||$0|
*Conventional and Government Stream/IRRRL loans are not eligible for the new ProcessIQ service.
Contact your account executive sign up or click here to get more information.