With the Fed planning more rate hikes this year, it may be tough going for the mortgage business. The solution? According to Carrington’s Ray Brousseau, it’s looking for the business others aren’t pursuing
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As the president of Carrington Mortgage Services, Ray Brousseau has steered the company in a new direction: serving traditionally underserved borrowers.
Prospective homebuyers with lower credit scores have traditionally had a tough time finding lenders to work with them. But Carrington aims squarely at that sector – what Brousseau has called a “huge, untapped market.” About a third of borrowers have credit scores under 650, and there are relatively few lenders fighting for that business.
“By partnering with lenders who not only recognize the need for loan products for an underserved market, but make the effort to specialize in understanding and underwriting these programs, mortgage professionals can help a broader swath of potential homeowners who have been stuck on the sidelines for far too long,” Brousseau says.
Prior to becoming president of Carrington Mortgage Services in 2016, Brousseau served as the company’s executive vice president. Under his leadership, as both EVP and president, Carrington has seen unprecedented growth.
And the growth is expected to continue. Even as interest rates rise, Carrington’s focus on the underserved market is paying off.
“We’re in a market that’s expected to shrink by 40% this year,” Brousseau said at the beginning of the year. “But I expect to grow our business by 25%. The only way to grow your business in a shrinking market is to take business from someone else – or get business from someplace that other people aren’t going. For us, that means really concentrating on the underserved market.”
