Citadel Servicing Corporation (CSC) has released it s Q1 2019 Report. CSC is comprised of three origination channels (wholesale, consumer direct unit and correspondent) and a servicing platform exclusively dedicated to the management of CSC’s loan production.
Since the company's inception in 2011, CSC has originatied more than 10,500 Non-QM loans totaling over $3.85 billion, built a servicing platform of $2.65 billion at quarter end, and hired over 250 employees.
During the past quarter, Q1 2019, CSC has:
- Increased volume 40% year over year;
- Originated or purchased over $470 million of Non-QM loans;
- Retained and directly serviced all loans originated and purchased;
- Maintained a cumulative (30 days to REO) delinquency rate under 3.00% on the unpaid balance of such loans;
- Further established Dodd Frank Plus (ODF+), CSC’s multi-family / commercial program with residential influence for properties up to 35 units and mixed use, by allowing Non-NMLS licensed commercial brokers to originate where permitted; and
- Been named Mortgage Professional of America’s (MPA) Best Non-Prime / Non-QM company to work for 2019 and top 10 overall best lending company to work for.
“This past quarter saw a continuation of the origination slowdown that started last year with increased margin compression. However, we are gratified at Citadel Servicing Corporation to announce another year of exceptional growth and profitability.” said CSC’s Chairman and CEO, Daniel Perl. “We think this is a testament to the unique and dedicated quality of CSC’s lending platform. There has been a paradigm shift across the Non-QM community that is leading to a stratification of companies in this particular space. The strong consumer demand for quality Non-QM products is being met by CSC head on with exceptional speed and service. As the only vertically integrated lending platform solely dedicated to this segment of the mortgage market, we are bullish on the future. We will strive to effect continual improvement in our product offerings and processes thus enabling CSC to meet the requirements of our customer base to further their financial goals in 2019 and beyond.”