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March 26, 2014

Will Carrington’s 550 FICO Effort on FHA Turn Out to be a Folly?

By Paul Muolo

In a recent interview with IMFnews, Carrington Executive Vice President Ray Brousseau stressed that the privately held nonbank will carefully and manually underwrite the loans, which will be sourced through loan brokers.

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.

47%

Yes, by a lot.

5%

Yes and, heck, we may even do non-QM lending.

14%

No, not at all.

26%

No and we may even tighten credit.

7%