Carrington Mortgage Services vs Newrez
Both are large lenders and servicers offering self-employed non-QM programs. Carrington is known for flexibility on lower credit and alternative documentation; Newrez brings a broad product shelf. Compare starting rates, credit minimums, and program fit for your income type.
Shared products: Bank Statement, Self-Employed, Non-QM, Asset Depletion, 1099 Income, P&L Only, No Tax Return · Updated March 2026
4.0
Carrington Mortgage Services
Wins 3 categories
3.5
Newrez
Wins 2 categories
Full Comparison
| Feature | Carrington Mortgage Services | Newrez |
|---|---|---|
| Interest Rates | 7.25%–10% | 7%–9.75%Better |
| Max LTV | 85% | 90%Better |
| Min Credit Score | 600Better | 620 |
| Loan Range | $100K–$4M | $100K–$4M |
| Origination Fee | 0–2.5 points | 0–2 points |
| Speed to Close | 25–45 days | 25–40 days |
| Experience Required | No experience required | No experience required |
| LLC Borrowing | No | No |
| Interest-Only | Available | Available |
| Prepayment Penalty | None (owner-occupied) | None (owner-occupied) |
| Foreign National | No | No |
| Coverage | Nationwide | Nationwide |
| Property Types | primary-residence, second-home, investment | primary-residence, second-home, investment |
| Loan Products | 8 productsBetter | 7 products |
| Founded | 2007 | 2008 |
| Editor Rating | 4.0 / 5.0Better | 3.5 / 5.0 |
Pros & Cons
Carrington Mortgage Services
Pros
- +Strong non-QM focus, including lower-credit borrowers (from ~600)
- +Consumer-direct retail channel — you can apply directly
- +Flexible Advantage series spans bank statement, asset, 1099, P&L, ITIN
- +Also services loans, so it keeps many in-house
Cons
- –Geared toward non-prime — pricing reflects added risk
- –Servicing reputation is mixed; read reviews carefully
- –Higher origination costs on some programs
Newrez
Pros
- +Large, established lender and servicer (Rithm Capital)
- +Smart Series covers bank statement, asset, 1099, and P&L
- +Retail channel lets you apply directly
- +Nationwide availability
Cons
- –Deepest non-QM flexibility often sits on the wholesale/broker side
- –No published ITIN program
- –Large-lender service can feel impersonal for complex files
Carrington Mortgage Services
4.0 editor rating · 25–45 days closing
Frequently Asked Questions
Is Carrington Mortgage Services or Newrez better for self-employed borrowers?
Both are large lenders and servicers offering self-employed non-QM programs. Carrington is known for flexibility on lower credit and alternative documentation; Newrez brings a broad product shelf. Compare starting rates, credit minimums, and program fit for your income type.
What loan types do Carrington Mortgage Services and Newrez both offer?
Both lenders offer Bank Statement, Self-Employed, Non-QM, Asset Depletion, 1099 Income, P&L Only, No Tax Return. Carrington Mortgage Services offers 8 total products vs Newrez's 7.
Which has lower rates, Carrington Mortgage Services or Newrez?
Carrington Mortgage Services advertises rates starting at 7.25% while Newrez starts at 7%. Newrez has the lower starting rate, but actual rates depend on your credit score, LTV, property type, and loan product. Always get quotes from both lenders.
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