Citadel eliminates 24-month bank statement program

by Ryan Smith30 Jul 2019

Citadel Servicing Corporation (CSC) has announced that it has discontinued its 24-month bank statement program. The program has been superseded by one allowing borrowers to qualify for loans of up to $5 million by providing either their most current month’s bank statements or 12 months of statements, CSC said.

CSC’s lending program targeting self-employed borrowers and 1099 income earners will still include up to 90% LTV, 100% of deposits for personal statements and 50% of deposits for business statements, the company said.

“This is just another example of how CSC has shown flexibility and adapted to the ever-changing non-prime mortgage industry,” said Kyle Gunderlock, president and CEO of CSC. “We measure and use data from loans we originate and service to provide the best in lending programs for meeting today’s needs. CSC will continue to innovate and lead the growth in this industry.”