The reaction to Citadel Servicing Corp’s (CSC) recent holiday special has been so positive that the company has decided to make the pricing permanent.
The special was first introduced in November and later extended via similar special through March. These specials were originally scheduled to end March 21, but after an overwhelmingly strong response from originators, the company decided to make the pricing permanent, said Will Fisher, senior vice president and national sales and marketing director for CSC.
“Basically, we said, ‘You know what? Let’s get rid of these unnecessary deadlines and simply make this our everyday low rate,’” Fisher said. “That’s our commitment to our brokers – to make sure we are the market leader, not just for product, but also when it comes to the rates for the borrowers.”
The special discounted Citadel’s rates by 0.375 for both purchase and refinance transactions. CSC will now make that discount permanent – and expand it to the entire rate sheet for both non-prime and Maggi Plus products, Fisher said.
Fisher said that CSC’s experience in the non-QM sector has made its process more efficient than the competition’s. That, in turn, has allowed the company to lower its rates.
“We really have great efficiencies in our process,” he said. “We have a loan product that performs phenomenally. Our execution in the secondary market is phenomenal, and our account executive team is among the best and most well-trained in the space. Because of this, we are able to operate at a lower rate than out competitors. The best part is, we are still able to maintain extremely high service levels. Where some of our competitors have to skimp on service or product offering, we maintain a high level of both at CSC.”