Citadel Servicing Corp. provides alternative residential lending products to mortgage professionals in 29 states who have borrowers that are locked out of traditional mortgage lending products due to previous negative or insufficient credit history or inability to meet the narrow standard of traditional income documentation.
“At CSC we provide mortgage loans for borrowers with recent and past life events like bankruptcy, short sales or foreclosures,” said Will Fisher, senior vice president of loan origination, sales and marketing at CSC.
“These borrowers must show a documented ability to repay any new loan they receive from CSC and have stabilized their credit situation.”
For example, the company’s Maggi Hybrid ARM features 90% LTV with 24 months seasoning from adverse housing events and rates starting at 4.875%. Qualified consumers can borrow up to $3 million with this program.
But CSC doesn’t just provide loan programs for people with a checkered housing past. The company’s decision to allow self-employed borrowers to document their income in the form of bank statements is a game-changer, opening the door for the growing number of workers in the sharing economy or those who otherwise want to take advantage of tax breaks by writing off expenses.
“CSC distinguishes itself by truly leading the way in non-QM/non-prime lending. We were the first company to reenter this segment and offer a product for this underserved market,” Fisher said.
The company also offers a non-QM second mortgage program, and it continues to lead with the only ability-to-repay-in-full (ATR-in-full) lending product. This product
allows savvy high-net-worth borrowers to utilize only their liquid net worth to qualify for a loan without monthly income documentation.
These cutting-edge products widen the availability for many borrowers but are designed to be far different from the risky lending models that characterized subprime lending. CSC employs a rigorous underwriting process and services its own loans, giving it a long-term interest in their performance.
The desire for these unique lending products is reflected in CSC’s growth over the last few years.
“We are growing at a phenomenal rate, all while being very profitable,” Fisher said. “Most start-ups our size need to hit certain milestones, critical mass or economies of scale before profitability. CSC has been profitable and reinvesting in our operation since product launch in 2013.“
The company is not only developing new lending programs, but also new technology to streamline its operation and add efficiencies for its correspondent and wholesale platforms.
The biggest opportunity for CSC in the future continues to be defining what constitutes a performing non-QM/non-prime loan, Fisher said.
“For the last three years, we at CSC have been making loans for an underserved, locked-out segment of borrowers,” Fisher said. “We’ve shown if underwritten correctly, non-prime loans do perform very well, which benefits investors of these loans, but more importantly, allows borrowers to once again participate in growing wealth through property ownership.”
Daniel Perl, CEO and Chairman
Daniel Perl has more than 40 years of experience in all aspects of mortgage finance, including operations, financial and risk management, asset valuation, and trading. He is the founder of Citadel Servicing Corporation and is considered by all who know him to be a hands-on operator versed and involved in all aspects of managing CSC.
Perl founded First Street Financial, Inc. (FSFI) in 2002 to serve as a vehicle to originate, sell and service a variety of non-prime mortgages, which was followed by Citadel Servicing Corporation in 2003 to manage those assets. Previous to that, he was the architect and driving force behind LIFE Bank and its parent company, LIFE Financial Corporation.
Kyle Gunderlock, COO and Head of Capital Markets
Kyle Gunderlock currently acts as COO and head trader for CSC’s investment fund, CMMI, LLC, where on a daily basis, since 2007, he has the responsibility of pricing assets and negotiating trade documents.
He is involved in the servicing and disposition of assets as well, and is a member of the investment committee that determines final asset acquisition and pricing. Gunderlock currently holds a real estate salesperson license through the California Department of Real Estate and is approved as a mortgage loan originator via the Nationwide Mortgage Licensing System and Registry.
William Fisher, SVP Loan Origination, Sales and Marketing
William Fisher leads all loan origination (sales) and marketing operations for wholesale, correspondent and retail at CSC. With more than 12 years in the mortgage finance business from wholesale to retail, Fisher possesses a comprehensive background of building sales teams with winning cultures critical to success.
Armed with a background in marketing and track record of introducing new products to market with quantifiable success, he leads all sales activities, including designing sales team structure, hiring, training, process design, implementation and refinement. In his role as marketing director, Fisher is tasked with building the CSC brand.