Andrew Taffet has been named CEO for The Carrington Companies, which offers a suite of non-QM loan offerings, as well as FHA, VA, USDA and conforming conventional products.
Taffet was previously chief investment officer.
As CEO, Taffet succeeds company founder Bruce Rose, who will assume the role of chairman of the executive committee.
“This is not a dramatic handoff by any means, but rather a natural next step for our business,” says Rose, in a release. “In addition to his duties as chief investment officer, Andrew has been handling the day-to-day operations and oversight of our company for some time. The Carrington Companies will continue to operate as they have for the past 20-plus years. Our effectively self-hedged business strategy positions us for continued success, as we have demonstrated even during the most challenging market cycles.”
Carrington is a holding company whose primary business includes single-family mortgage asset management, enhanced by mortgage origination, servicing and real estate sales and settlement services.
Collectively, the businesses are integrated to provide a broad range of real estate services encompassing nearly all aspects of single-family residential real estate transactions in the U.S.
“Together with the executive committee, we have achieved great success during the past 20 years,” Taffet says. “I am truly honored to assume the role of CEO and continue to work with such a talented team to build upon our achievements to date. Bruce provided me with an opportunity to start my career with Carrington two decades ago, and it has been a privilege to contribute to the growth of our platform. I am deeply grateful for his visionary leadership and all he has taught us during this time. I look forward to carrying this vision into the future, continuing to lead Carrington’s development and leveraging our collective experience to drive success.”
In December 2022, Carrington Mortgage Services’ Second Lien program began providing a welcome source of liquidity to existing CMS servicing customers.
In July 2023, the company expanded its offerings to include 40-year loans and temporary buydowns.