Another record non-QM production quarter for Citadel. 2018 productions could top $1.8 billion.
by Paul Muolo, August 8, 2018
Citadel Servicing Corp., Irvine, CA, originated $389.3 million of non-QM mortgages during the second quarter, a 32.3 percent sequential gain, according to figures provided to IMFnews Wednesday morning.
In July, the company funded $153.1 million. Company founder and CEO Dan Perl is forecasting the privately held nonbank will fund between $1.7 billion and $1.8 billion by the time 2018 ends, all of it non-QMs.
At the end of July, the company serviced $1.75 billion of non-QMs.
Angel Oak Companies, a close competitor to Citadel, reported non-QM production of $512.0 million in 2Q18, a 52.0 percent sequential increase. Both companies are looking at record non-QM originations this year.