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The simple way to get into non-prime by Kim Burgess 24 Apr 2018   As the non-prime market continues to heat up, Citadel Servicing Corp. keeps breaking records – and rolling out new products. This summer, the company launched its One-Month Bank Statement program, which is open to self-employed borrowers, including first-time homebuyers. To qualify, a borrower must have a minimum 650 credit score and no credit events in the last five years, such as charge-offs, collections or tax liens. Will…
Citadel invests to give brokers more tools by Ryan Smith 23 Apr 2018     Citadel Servicing Corp. (CSC) is making big changes to give customers more options – and to give brokers better tools to help their clients. “We’ve made a big technology investment here at CSC,” said Will Fisher, CSC’s senior vice president and national sales and marketing director. “We’ve put a lot of resources into the operational side to make the process smoother for our brokers and our internal…
Citadel's success illustrates the importance of adding non-prime to your toolbox by Ryan Smith 12 Apr 2018   Citadel Servicing Corp. just keeps breaking records – and its success is a great illustration of why it’s so important for originators to have non-prime in their toolbox. “We had an absolutely bang-up month last month, another company record,” said Will Fisher, CSC’s senior vice president and national sales and marketing manager. “It was our biggest funding month. We funded over $110 million, and…
Citadel Offers Multiple Options for Income Qualification April 2, 2018   In this decidedly tight lending environment, self-employed borrowers represent a significant opportunity for lenders looking to expand homeownership to an underserved market. The number of self-employed workers in the U.S. continued to rise in 2017, climbing to 40.8 million people, which translates to 31% of the private work force. But while the number of self-employed workers earning $100,000 or more increased almost 5% last year, their ability to get…
Citadel expands product offering as non-prime heats up by Ryan Smith 26 Mar 2018   As borrower appetite for non-prime lending grows, Citadel Servicing Corp. (CSC) is making big changes. To keep up with the heightened demand, the company is dropping rates, introducing new products and broadening the scope of established programs. “This month we’re introducing a 5/1 ARM where the first five years can also be interest-only,” said Will Fisher, senior vice president and national sales and marketing manager for CSC.…
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…
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Citadel Servicing has banner year – and no plans to slow down by Ryan Smith 12 Dec 2017     Non-prime lending is officially booming, and Citadel Servicing Corp. is booming right along with it. The company had its best year ever in 2017 – and has even bigger plans for 2018. “It’s been a great year,” said Will Fisher, senior vice president and national sales and marketing manager for Citadel Servicing Corp (CSC). “We’ve had a month-over-month increase of 162%…
Citadel introduces employment-verification only loan by Ryan Smith 21 Nov 2017     Citadel Servicing Corp. (CSC) has launched a new program that allows borrowers to only use a simple verification of employment to apply for a mortgage. “You just provide an employer-prepared verification of employment document,” said Will Fisher, senior vice president and national sales and marketing manager for CSC. “All you have to do is have a continuous two years of employment verified by that VOE, and a voice…
(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-54516992-1', 'auto'); ga('send', 'pageview');   VOE Only Program Program is available down to a 650 credit score Max LTV of 75% for purchase Max LTV of 70% for refinance (cash out or r/t) $250,000 - $5,000,000 loan amounts 2 Year employment mandated at business VOE fully completed for 2 year employment plus year to date by owner or officer of company Verified employment at closing by telephone call or workplace cert No 4506T First-time…