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 company has introduced innovative products – such as its Alt-A Maggi Plus program, which dramatically cuts documentation.
Citadel’s innovative approach is paying off. The company is on track to fund more than $1 billion this year alone, according to HousingWire.
CSC is also a major player in the return of the secondary market for non-prime loans. After the subprime meltdown that helped trigger the financial crisis, the secondary market for non-QM loans was basically nonexistent. Now, however, non-prime mortgage-backed securities are back. Fitch Ratings projected at least $2 billion in non-prime RMBS for 2017, up from just $1 billion in the 18 months to Jan. 1.