What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.


Non-QM lender Citadel Servicing rebrands as Acra Lending

Move comes as non-QM market returns to form

Citadel Servicing Corporation (CSC), one of the country’s largest non-QM lenders, is rebranding as Acra Lending (Acra). The change is effective Monday.

“We are excited to rebrand our business as Acra Lending to reflect the substantial time and resources we have dedicated to internalizing customer feedback, fine tuning our financial and operating model, and investing in the best people and technology,” Keith Lind, executive chairman and president, said in a news release. “The goal of all these efforts is to build upon our strong foundation to provide industry leading service and programs to suit our customers’ needs.”

Then known as Citadel Servicing, the company was acquired by HPS Investment Partners, LLC in February 2020 for an undisclosed price.

When COVID-19 hit, the non-QM market disappeared. Liquidity had dried up and bond investors, which underpin the non-QM market, were running for the hills.

Citadel pressed pause on new originations. Its competitors Angel Oak Mortgage SolutionsNew Rez MortgageCaliber Home LoansAthas Capital GroupCarrington Mortgage Services and First Guaranty Mortgage Company all halted issuing non-QM loans, which comprise roughly 5% of the overall mortgage market. 

WFG reports its highest volume months ever during Q2 and Q3 of 2020

As the company celebrates its 10th anniversary, WFG continues to look for new ways to serve its clients, consumers and industry.

Presented by: WFG

Some non-QM lenders went out of business, while others laid off huge numbers of staffers and reorganized their businesses. Today, the non-QM market as a whole is returning to strength.

Citadel resumed non-QM lending in the summer. Following a four month pause, Lind said CSC boasted a “much stronger balance sheet, better technology on both the origination and servicing side of the business, upgraded guidelines and processes, and a diverse and experienced management team.”

Acra now has greater balance sheet and origination capacity with over $700 million of new term and non-mark-to-market warehouse facilities. The company will continue to invest in direct-to-consumer and correspondent channel, Lind said.

“Citadel had grown so quickly in recent years, and accordingly there were certain aspects of the businesses that stood to benefit from investment so we could restart lending in the best position for our company and our customers,” Lind said. “These investments were always part of our plan, but this shutdown allowed us to really accelerate their implementation and impact.”

Doug Perry, Citadel’s managing director of wholesale and retail, said the company expects to fine-tune its plan as the country recovers from the virus.

“Even though the sector paused for a short period, the demand for non-QM programs is stronger than ever,” Perry said, adding that real estate fundamentals have remained sound. “Whether that’s securing the balance sheet of the company or making the origination process more efficient for our brokers and consumers, practices will improve.”

Leave a comment

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please