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Executive Conversation: Daniel Perl on the resurrection of the non-prime market By Sarah Wheeler 2 October 2018 Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Daniel Perl, chief executive officer of Citadel Servicing Corp., to discuss how his company is changing the narrative on non-prime loans.    Q. What is driving the recent surge…
Citadel expands programs to serve more borrowers by Ryan Smith 24 September 2018 As Citadel Servicing Corp. (CSC) continues to grow, they are expanding their programs to serve a broader segment of prospective homeowners. “We’re expanding our verification of employment (VOE) and one-month bank statement programs,” said Will Fisher, senior vice president and national sales and marketing director at CSC. “We had a $250,000 loan minimum, and we are now going down to a $150,000 minimum loan amount. That’s really going…
Citadel named 8th fastest growing company in Orange County Orange County Business Journal 17 September 2018 The Orange County Business Journal has named Citadel Servicing Corp. (CSC) the 8th fastest growing private midsize company in Orange County, California. To be named to the list, companies must achieve at least 15% revenue growth over a two-year period, a number that Citadel far exceeded by achieving growth of 191%. Fastest Growing Private Midsize Companies
Citadel's upward trajectory continues by Ryan Smith 12 September 2018 There doesn’t seem to be any stopping the upward trajectory of Citadel Servicing Corp. (CSC).  With non-QM more popular than ever, the company is seeing record-breaking business. “We just had our biggest funding month to date,” said Will Fisher, senior vice president and national sales and marketing director for CSC.  “We funded just under $180 million this past month – and we’ve been increasing every month.” The company is also continuing its…
Have you had your lightbulb moment? by Kimberly Greene 27 August 2018 The non-QM space is growing, but many originators are still slow to catch on. Will Fisher, senior vice president of sales and marketing at Citadel Servicing Corporation, said that there are plenty of companies who don’t understand how non-QM fits into their marketing strategy. “The truth of the matter is, you already have the borrower. It’s a borrower that’s, say, self-employed and can’t give tax returns because they write off too…
As non-prime booms,  take care to pick the right lender by Ryan Smith 22 August 2018 The non-prime market continues to grow by leaps and bounds.  But as the number of players in the market increases, it becomes more and more important for mortgage pros to be mindful about which companies they do business with, according to Will Fisher, senior vice president and national sales and marketing director for Citadel Servicing Corporation (CSC). “The overall mortgage market funds $1.4 trillion a year,”…
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…
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The Right Time for Non-Prime 17 July 2018 As the number of prime borrowers dries up, investors are showing an increased appetite for non-prime loans, which are markedly different from the subprime lending that was a hallmark of the financial crisis. Today’s non-prime loans are carefully underwritten with an appropriate examination of the underlying collateral.  These loans serve borrowers who have been unable to qualify for government-backed loans, but may otherwise have good incomes and room for substantial down payments. By…