Carrington Mortgage Review 2023

What borrowers say about Carrington Mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

• Carrington Mortgage receives a 547 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

• Carrington Mortgage receives a customer rating of 4.93 out of 5 from Zillow, as of the date of publication. The score reflects more than 900 customer reviews.

Carrington Mortgage and consumer trust

Despite earning high marks for loan variety, digital tools and rate transparency, Carrington Mortgage faced government sanctions in 2022.

The Consumer Financial Protection Bureau accused the lender of misleading borrowers who sought temporary mortgage payment relief, known as forbearance, during the COVID-19 pandemic. The lender was ordered to repay improperly charged late fees and pay $5.25 million into the CFPB’s victims relief fund.

Although these regulatory actions don’t enter into NerdWallet’s star rating, borrowers are encouraged to weigh a lender’s customer service record when shopping for a mortgage.

Carrington Mortgage variety of loan types

• 5 of 5 stars

The Carrington Mortgage Services menu offers conventional purchase and refinance loans, as well as government-backed VA loans, FHA loans and USDA loans.

Borrowers who are first-timers or self-employed, along with those who have little credit history or who apply with bank statements, can get loans for purchase or refinance through Carrington's Flexible Advantage programs. The programs have cash-out and jumbo options, too.

Carrington Mortgage doesn't offer home equity lines of credit, but it does offer home equity loans to current Carrington borrowers.

Carrington Mortgage ease of application

• 5 of 5 stars

Carrington's online application makes the process convenient. You can upload documents and sign them electronically, as well as track your loan's progress.

Carrington Mortgage rates and fees

• 2.5 of 5 stars

• Carrington Mortgage earns 2 of 5 stars for average origination fee.

• Carrington Mortgage earns 3 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

» MORE: "Should I buy discount points?" calculator

Carrington Mortgage rate transparency

• 5 of 5 stars

You'll find extensive information about product offerings and requirements on the Carrington website, as well as the ability to view customized mortgage rates. For purchase loan rates, select the purchase button on Carrington’s homepage. If you aren’t an existing customer, choose “no” to be taken to a form that asks for some basic information and leads to rates that take credit score and location into account.

Alternatives to Carrington Mortgage

Here are some comparable lenders we review that borrowers can consider.

New American Funding offers similar options for borrowers with credit challenges, and Pennymac offers options for first-time home buyers.

» MORE: Best mortgage lenders for borrowers with low or bad credit scores

More from NerdWallet