News

Citadel launches new one-month bank statement program

Citadel launches new one-month bank statement program by Ryan Smith 11 Aug 2017 One of the main problems with traditional mortgages is that they’re best for people who fit into a very narrow box. Prospective homebuyers who fall outside that box – even ones with good credit and a sterling history of repayment – might find it hard to get a loan. Now a leader in the non-prime space has introduced an innovative product to help those customers. Citadel…

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CSC head recognized for revitalizing non-prime

CSC head recognized for revitalizing non-prime by Ryan Smith 27 Jun 2017 The head of Citadel Servicing Corp. (CSC) has been recognized for helping make non-prime lending a viable business model again. Kyle Gunderlock, president and COO of CSC, has been recognized as one of HousingWire’s 2017 Rising Stars. Gunderlock built Citadel from a three-person company at its formation in 2003 to more than 150 today. Since 2013, CSC has funded more than $1 billion in non-QM loans. The…

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Citadel introduces new business purpose loan

Citadel introduces new business purpose loan by Ryan Smith 20 Jun 2017 One of the biggest advantages of non-prime programs are their flexibility. Brokers can use non-prime products to help borrowers who have unusual projects that might otherwise be difficult to fund. The newest loan program from Citadel Servicing Corp. (CSC) is one such product. CSC’s new Non-Owner Business Purpose product is a great way for originators to help borrowers looking to fund non-owner-occupied properties. “What’s unique about this…

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Citadel sees big growth

Citadel sees big growth by Ryan Smith 23 May 2017 The non-prime market is growing by leaps and bounds – and that’s good news for non-prime lenders that can keep up with the market’s trends. By riding that wave, Citadel Servicing Corp. (CSC) has seen some remarkable growth recently, according to Will Fisher, senior vice president and national sales and marketing director. “We’re growing like crazy. (Recently) we had another training class, and we had six new sales reps…

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Citadel partners with top pricing engines

Citadel partners with top pricing engines by Ryan Smith 30 May 2017 Part of a good lender’s job is to provide brokers with tools to help them put together solid loans as quickly as possible. That’s especially true in the non-QM world, where loans can be more complex and challenging. To meet that obligation to brokers, Citadel Servicing Corp. (CSC) recently went live with two pricing engines. “For wholesale, we just went live with a company called LenderPrice,” said…

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Citadel moves into correspondent lending in a big way

Citadel moves into correspondent lending in a big way HomeNon Prime by Ryan Smith25 Apr 2017 As the market for non-prime loans continues to grow, it’s opening up new sectors of the business for lenders who offer non-QM products. Citadel Servicing Corp. (CSC) is taking advantage of the growth of Non-Prime by expanding their correspondent sector. “We’re making a big push in correspondent lending,” said Will Fisher, senior vice president and national sales and marketing director for CSC. “We’re signing…

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Why now is a good time to add non-prime to your toolbox

Why nonprime should be in every broker’s toolbox HomeNon Prime by Ryan Smith24 Mar 2017 Unlike the risky subprime mortgages before the financial crisis, these new products have stricter regulations and are under a different name. Non-prime, after years in the wilderness, is officially back. If you need proof, look no further than the record-breaking month Citadel Servicing Corp. (CSC) saw in February. “We had a record origination month in February, the shortest month of the year, and currently,…

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Mortgage Technology Leads a Silent Revolution in Minority

"Mortgage Technology Leads a Silent Revolution in Minority Homeownership"By Matthew CooperCEO & Co-Founder, EarnUp Homeownership rates reached a record 50-year low this year, due to a number of different factors, includingresidual effects from the financial crisis, a lack of affordable housing options and increased restrictions forlenders. Unfortunately, the groups most impacted by these barriers are low-income and minoritycommunities, who already suffer from a long history of systematic economic disadvantages and biases. Formany minority communities, the dream of buying a home…

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Citadel, bond raters, predict breakout year for non-prime

Citadel, bond raters, predict breakout year for non-prime mortgages 25 January 2017 | 15:38 EST Non-prime and non-QM lending will go from niche sector to mainstream this year as lenders boost originations and investors grow comfortable with the risks, according to a Citadel Servicing Corp. executive and two credit rating companies. For Citadel Servicing, a pioneer of non-prime loans since the financial crisis, the proof is showing up in the numbers, said CEO Dan Perl. Applications for Citadel loans have…

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Fitch Assigns Subprime Servicer Rating to Citadel.

Fitch Assigns Subprime Servicer Rating to Citadel. Could a ‘Rated’ Nonprime MBS Deal be Next? by Brandon Ivey 21 Dec 2016 Fitch Ratings assigned a subprime servicer rating to Citadel Servicing Corp., Irvine, CA, Tuesday, an indication that the fast-growing non-agency lender will be involved with rated nonprime MBS. Citadel received an Rpractices PS3- rating with a stable outlook. Such level 3 servicers demonstrate proficiency in overall servicing ability, according to Fitch. The rating service also noted Citadel’s experienced management team, adequate risk…

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