Citadel Servicing Corp. discovered a need for non-prime lending and launched a product to serve this segment of the market.
The company's CEO and Chairman Dan Perl discussed the process of constructing a platform to originate non-prime mortgages on the radio show Capital Markets Today.
"Since 2007 brought a tremendous amount of assets that people deemed unable to be financed, we surveyed what the competition was doing outside of Fannie Mae, Freddie Mac and the government arena and discovered there was nobody out there," Perl said.
This discovery prompted Perl to create a non-prime mortgage product that could meet new regulatory standards. Click to read more on HousingWire.com