Citadel Servicing has banner year – and no plans to slow down
12 Dec 2017
“It’s been a great year,” said Will Fisher, senior vice president and national sales and marketing manager for Citadel Servicing Corp (CSC). “We’ve had a month-over-month increase of 162% from November last year to this year. It was pretty astounding when I saw the numbers.” The company has also seen a 61.96% spike year over year, he said.
CSC is closing out the year with a bang, too. The company has repeatedly broken its own origination records this year, and last month they did it yet again.
“November turned out to be our largest origination month on record,” Fisher said. “We had an outstanding month as far as originations go – and it’s put us on a heck of a ramp to possibly have a record funding month in December.”
CSC is also expanding its innovative Non-Prime programs as demand for the product rises, Fisher said.
“We’ve expanded our rural product,” he said. “The loan amount used to be capped at $400,000, and now it’s going up to $1.5 million.”
The company has also introduced 12- and 24-month bank statement loans to its first-time homebuyer program, Fisher said.
And it’s not just borrowers – CSC is also finding itself more and more popular with originators.
“Our correspondent channel is way up,” Fisher said. “So we’ve ramped up our training suite for all our correspondent sellers. They have access to a full suite of tools and training videos. It covers how to underwrite a bank-statement loan, how we look at certain documentation – it gives our sellers a roadmap on how to originate Non-Prime loans with confidence.”
The company’s lender-paid compensation program is also growing by leaps and bounds.
“It’s now approaching 15% of loans coming in the door,” Fisher said.
The company’s growth has been so rapid this year that it’s adding staff to meet the demand.
“We’re looking for all kinds of positions – especially account executives,” Fisher said.
Fisher said that while 2017 has been a banner year for CSC, the company has no plans to slow down.
“This year was phenomenal,” he said. “We’ve experienced year-over-year growth every year since we started in 2012, with this 2017 being our biggest. However, we think 2018 is going to be even larger.”