Citadel Thinks It Will Top $1 Billion Next Year
Karen Petersen, MBA - (Fast Response) Jumbo Non-QM
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Nonprime Lender Citadel Thinks It Will Top $1 Billion Next Year
By Paul Muolo
[email protected]
Citadel Loan Servicing, Irvine, CA, one of the most active nonprime residential lenders in the market, thinks it will cross the $1 billion threshold in originations next year, according to an interview with company CEO and founder Dan Perl.
Perl estimates that by the time 2015 ends, the privately held firm will have written $400 million in non-agency product. None of its loans meet the “qualified mortgage” standard of the Consumer Financial Protection Bureau.
If Citadel can hit the $1 billion mark it would be a significant achievement in the “new,” post-crash nonprime market.
Citadel is one of a handful of nonprime lenders willing to disclose its loan volumes. Angel Oak Home Loans and Deephaven Mortgage are two others, but neither has provided figures lately.
Although Perl refuses to discuss his investors, rumors have circulated that one company buying at least some of Citadel’s production is bond investing giant PIMCO.
Mortgage Banker / Lending Manager NMLS # 219478 at Fairway Independent Mortgage NMLS #2289 720-403-8825
9 年Great Stuff! The demand is there, so the lenders will surface and fulfill on the investors terms. Hopefully, it will be a market where supply meets demand soon.