Non-agency lender Citadel Loan Servicing, Irvine, CA, hopes to add 100 additional workers over the next six to eight months, effectively tripling the size of its staff.
In an interview with IMFnews, company founder and Chief Executive Dan Perl said his priorities include hiring a general counsel, chief compliance officer and correspondent sales manager. Within another year or two, he estimates the privately held nonbank could employ between 300 and 400 full-timers.
The company, which stared out in life as an investor in nonperforming mortgages, is originating between $12 million to $15 million a month in non-agency loans. The company recently reduced its fees on A- to C loans. Application submissions to Citadel have been strong, said Perl.
The company now has 600 approved brokers. Although Perl has never revealed the identity of his investors, he said Citadel is selling some of its production for a price of 103.