Nonbank Lenders Are Building Momentum

Carrington Notes the Rise of Non-Bank Lenders in Scotsman Guide

In an article published in the June issue of Scotsman Guide, Ray Brousseau, President, Carrington Mortgage Services, asserts that where borrowers go mortgage shopping increasingly determines if they will get the financing they’re seeking. 

In discussing the opportunities for non-banks, like Carrington, Ray notes the following: Nonbanks are happy to find borrowers with 800 credit scores. At the same time, what do you call a loan applicant who refuses automated bank-account access, has a 620 credit score, is recovering from a financial calamity, has no interest in a business loan and wants a full-blown appraisal? Many nonbanks call them borrowers and are happy to work with them.

Read the article on the Scotsman Guide website here.