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  • Tuesday, 30 July 2019 13:19

Citadel Reduced 24-Month to Current Month or 12 Month for Bank Statement Program

Evolving with the always-changing non-prime mortgage industry, Citadel Servicing Corporation has removed the 24-month bank statement as a means of qualification. The program has been superseded by allowing borrowers to qualify for loans amounts of up to $5 million by providing either the most current month’s bank statement or 12 months.

Despite this deletion, Citadel’s lending program targeting self-employed and 1099 income earners will still include up to 90 percent LTV, 100 percent of deposits for personal statements, and 50 percent deposits for business statements.

“This is just another example of how Citadel has shown flexibility and adapted to the ever-changing non-prime mortgage industry,” said Kyle Gunderlock, president and chief operating officer of Citadel Servicing Corporation. “We measure and use data from loans we originate and service to provide the best in lending programs for meeting today’s needs. Citadel Servicing Corporation will continue to innovate and lead in the growth of this industry.”

Source: National Professional Magazine