There doesn’t seem to be any stopping the upward trajectory of Citadel Servicing Corp. (CSC). With non-QM more popular than ever, the company is seeing record-breaking business.
“We just had our biggest funding month to date,” said Will Fisher, senior vice president and national sales and marketing director for CSC. “We funded just under $180 million this past month – and we’ve been increasing every month.”
The company is also continuing its innovative offerings.
“We’ve just launched another special,” Fisher said. “This special is focused on 90% LTV purchase loans. You get up to five eighths (.625) off the rate, depending on if it’s full-documentation or bank statement – and there’s no mortgage insurance requirement. That’s substantial, and places us in a highly competitive position for purchase business.”
Fisher said that the program is ideal for someone who’s had a life event such as foreclosure, bankruptcy or short sale/deed-in-lieu, as long as the event occurred more than two years ago.
“If they missed out on agency requirements for some reason, this is a great product for them,” he said. “It’s a great way to get into the housing market and start building wealth.”
The special runs until the end of September.
“The loan needs to close by the 15th of October – while the timeline seems short, borrowers taking advantage of this product usually have their documents in order, so it should be a pretty quick process,” Fisher said. “We’re offering this with our 12-month bank statement program for income qualification as well.”
The special is just one example of the flexibility CSC offers non-prime/non-QM borrowers, Fisher said.
“We’ve been told by multiple people that our product set is very unique and more often fits the needs of their borrowers – whereas many of the other programs circulating seem pretty vanilla,” he said. “For instance, our foreign national program is head and shoulders above the rest as far as ease of documentation, allowing for no social security number, no US credit and stated foreign income.”
And that has translated to consistent growth for CSC. The company has already crested $1 billion in 2018 fundings, and Fisher said that CSC was projected to crest $2 billion before the end of the year.
“We’re staffing up, providing terrific and timely customer service, and we are in a great place that we believe is going to propel us through the end of the year,” he said.