Citadel receives subprime servicer rating

by Ryan Smith18 Jan 2017
Citadel Servicing Corp. has received a subprime servicer rating from Fitch Ratings, according to the company’s website.

The non-agency lender received an RPS3- rating with a stable outlook. Level 3 ratings are awarded to servicers with demonstrated proficiency in overall servicing ability, according to Fitch. The rating could be seen as an indication that Citadel will be involved with rated nonprime mortgage-backed securities.

As of the end of November, Citadel was servicing more than 2,000 mortgages, with a total unpaid principal balance of $649 million. All he mortgages were originated by Citadel, and less than 2.7% were 30 days or more delinquent.

Citadel is a privately held company with about 150 employees, according to its website. It doesn’t outsource or offshore any of its servicing activities.

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