New Citadel Servicing Offerings Target Non-Prime Credit Borrowers
March 8, 2018
Citadel Servicing Corporation (CSC) has announced a major update to their product platform, as the company will begin offering a 5/1 Hybrid Adjustable Rate Mortgage (ARM) and 5/25 Interest Only (IO) term. This will allow borrowers to qualify on the IO program without as big of a recast, which normally would increase the DTI which we utilize to qualify.
CSC has also introduced their easiest qualification program for full-doc income to date by allowing a single year’s Returns or W-2 as documentation. This will allow brokers and borrowers to move faster through the process. The company has also expanded their 12-month bank statement program to 90 percent loan-to-value (LTV) with no mortgage insurance requirement.
CSC has eliminated the need for 24 months of bank statements on the Maggi program again adding speed and efficiency to the process. The lender fee on the Maggi (Alt-A) product has been decreased from $1,195 to $995. And, all rates on all products have been decreased by as much as 0.25 percent.
“We believe the time is right for these product updates, and considering our last five years of loan performance, these changes warrant incorporation,” said Will Fisher, Senior Vice President of Sales and Marketing for CSC.