The lender had put a temporary moratorium on originations following the COVID-19 outbreak
Citadel Servicing Corporation (CSC) has announced that it will resume originating non-QM loans effective immediately.
Like many non-QM lenders, CSC had temporarily suspended originations due to the economic impact of the COVID-19 outbreak, although the company’s servicing department remained fully operational.
CSC said it used the pause in origination operations to evaluate all aspects of its business and accelerate planned improvements and investments in key areas, including better technology on the origination and servicing sides and upgraded guidelines and processes. The company said that it many cases, its processes “have been modified to better suit the current market and the dramatic changes in many customers’ financial situations.”
“Thanks to these improvements CSC is optimally positioned to build on its reputation as the leader in the industry and the trusted Non-QM partner of borrowers across the United States,” the company said.
“We went through – and are still going through – a truly unprecedented disruption to the non-QM market,” said Keith Lind, executive chairman and president of CSC. “Fortunately, we at Citadel Servicing have the expertise and resources to successfully operate in the current environment and are pleased to be resuming origination from a position of strength. Working with borrowers that are experiencing unexpected circumstances, or need certainty in their lending partners despite an uncertain market, is core to what we do here and we will be here to support all of our customers through the COVID-19 crisis and beyond.”
