Citadel Servicing Corporation

Irvine, CA 92618-2830

LEI: 254900E6AIE4Z8YQM970

Tax ID: 20-8006279

2019 Data | 2018 Data


Overview

Citadel Servicing Corporation is a small mortgage company specializing in Home Purchase and Cash Out Refi loans. Citadel Servicing Corporation has a high proportion of conventional loans. Their top markets include Los Angeles, Anaheim, Orlando, San Diego, and San Jose among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Citadel Servicing Corporation is typically a exceptionally high fee lendor.


Originations

4,397

Origination Dollar Volume (All Markets)

$1,814,775,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,397 $1,814,775,000 $412,730

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,217 $823,905,000 $371,631
Home Improvement 1 $495,000 $495,000
Refi 687 $322,425,000 $469,323
Cash Out Refi 1,492 $667,950,000 $447,688

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
LOS ANGELES-LONG BEACH-GLENDALE, CA 444 $296,150,000 $667,005
ANAHEIM-SANTA ANA-IRVINE, CA 200 $125,600,000 $628,000
ORLANDO-KISSIMMEE-SANFORD, FL 402 $102,600,000 $255,224
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 161 $91,545,000 $568,602
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 103 $82,055,000 $796,650
MIAMI-MIAMI BEACH-KENDALL, FL 166 $73,040,000 $440,000
OAKLAND-BERKELEY-LIVERMORE, CA 120 $71,060,000 $592,167
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 65 $65,335,000 $1,005,154
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 174 $62,680,000 $360,230
PHOENIX-MESA-CHANDLER, AZ 149 $47,615,000 $319,564
Outside of Metro Areas 121 $35,885,000 $296,570
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 112 $35,820,000 $319,821
SEATTLE-BELLEVUE-KENT, WA 62 $31,130,000 $502,097
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 109 $29,525,000 $270,872
SACRAMENTO-ROSEVILLE-FOLSOM, CA 71 $26,335,000 $370,915
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 82 $26,330,000 $321,098
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 74 $25,430,000 $343,649
TAMPA-ST. PETERSBURG-CLEARWATER, FL 79 $23,915,000 $302,722
LAS VEGAS-HENDERSON-PARADISE, NV 85 $23,585,000 $277,471
CHICAGO-NAPERVILLE-EVANSTON, IL 79 $22,585,000 $285,886
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 67 $21,815,000 $325,597
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 42 $21,640,000 $515,238
SAN RAFAEL, CA 24 $20,780,000 $865,833
NEW BRUNSWICK-LAKEWOOD, NJ 57 $20,165,000 $353,772
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 55 $19,875,000 $361,364
OXNARD-THOUSAND OAKS-VENTURA, CA 29 $17,695,000 $610,172
DALLAS-PLANO-IRVING, TX 52 $16,020,000 $308,077
DENVER-AURORA-LAKEWOOD, CO 42 $15,670,000 $373,095
LAKELAND-WINTER HAVEN, FL 68 $15,200,000 $223,529
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 28 $11,250,000 $401,786
PROVO-OREM, UT 27 $11,135,000 $412,407
NEWARK, NJ-PA 37 $10,875,000 $293,919
SALT LAKE CITY, UT 37 $10,255,000 $277,162
AUSTIN-ROUND ROCK-GEORGETOWN, TX 22 $9,190,000 $417,727
SANTA ROSA-PETALUMA, CA 19 $8,815,000 $463,947
SANTA MARIA-SANTA BARBARA, CA 15 $8,615,000 $574,333
OGDEN-CLEARFIELD, UT 19 $8,615,000 $453,421
NAPLES-MARCO ISLAND, FL 23 $8,435,000 $366,739
CAPE CORAL-FORT MYERS, FL 31 $8,165,000 $263,387
NORTH PORT-SARASOTA-BRADENTON, FL 26 $8,060,000 $310,000
BALTIMORE-COLUMBIA-TOWSON, MD 25 $7,975,000 $319,000
STOCKTON, CA 25 $7,675,000 $307,000
BRIDGEPORT-STAMFORD-NORWALK, CT 11 $7,575,000 $688,636
MODESTO, CA 24 $6,740,000 $280,833
FRESNO, CA 19 $6,425,000 $338,158
JACKSONVILLE, FL 26 $6,300,000 $242,308
TACOMA-LAKEWOOD, WA 22 $6,240,000 $283,636
FORT WORTH-ARLINGTON-GRAPEVINE, TX 23 $6,025,000 $261,957
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 13 $5,955,000 $458,077
CHARLOTTE-CONCORD-GASTONIA, NC-SC 16 $5,920,000 $370,000
RENO, NV 7 $5,785,000 $826,429
Outside of Metro Areas 17 $5,755,000 $338,529
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 18 $5,740,000 $318,889
SALINAS, CA 10 $5,410,000 $541,000
NAPA, CA 6 $4,800,000 $800,000
PORT ST. LUCIE, FL 22 $4,600,000 $209,091
PHILADELPHIA, PA 14 $4,310,000 $307,857
SANTA CRUZ-WATSONVILLE, CA 9 $4,275,000 $475,000
OCEAN CITY, NJ 4 $3,790,000 $947,500
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 16 $3,500,000 $218,750
VALLEJO, CA 8 $3,300,000 $412,500
SAN LUIS OBISPO-PASO ROBLES, CA 8 $3,010,000 $376,250
TUCSON, AZ 12 $2,970,000 $247,500
FORT COLLINS, CO 10 $2,930,000 $293,000
RALEIGH-CARY, NC 6 $2,910,000 $485,000
BAKERSFIELD, CA 8 $2,900,000 $362,500
BIRMINGHAM-HOOVER, AL 8 $2,810,000 $351,250
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 8 $2,800,000 $350,000
NEW HAVEN-MILFORD, CT 9 $2,705,000 $300,556
WARREN-TROY-FARMINGTON HILLS, MI 10 $2,560,000 $256,000
BOULDER, CO 6 $2,500,000 $416,667
MERCED, CA 12 $2,480,000 $206,667
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 10 $2,460,000 $246,000
ST. GEORGE, UT 9 $2,365,000 $262,778
GREELEY, CO 9 $2,285,000 $253,889
COLORADO SPRINGS, CO 6 $2,280,000 $380,000
KANSAS CITY, MO-KS 3 $2,235,000 $745,000
BEND, OR 5 $2,195,000 $439,000
MOUNT VERNON-ANACORTES, WA 4 $2,190,000 $547,500
TRENTON-PRINCETON, NJ 6 $2,140,000 $356,667
ATLANTIC CITY-HAMMONTON, NJ 10 $2,110,000 $211,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 10 $2,030,000 $203,000
MADERA, CA 6 $1,950,000 $325,000
LAKE HAVASU CITY-KINGMAN, AZ 8 $1,940,000 $242,500
SALEM, OR 7 $1,925,000 $275,000
NEW ORLEANS-METAIRIE, LA 7 $1,905,000 $272,143
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 8 $1,900,000 $237,500
MCALLEN-EDINBURG-MISSION, TX 8 $1,850,000 $231,250
CAMDEN, NJ 8 $1,840,000 $230,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 6 $1,840,000 $306,667
COEUR D'ALENE, ID 6 $1,660,000 $276,667
BELLINGHAM, WA 4 $1,650,000 $412,500
EL PASO, TX 6 $1,630,000 $271,667
HOMOSASSA SPRINGS, FL 6 $1,540,000 $256,667
LOGAN, UT-ID 1 $1,495,000 $1,495,000
VISALIA, CA 8 $1,460,000 $182,500
MANCHESTER-NASHUA, NH 6 $1,420,000 $236,667
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 5 $1,245,000 $249,000
PANAMA CITY, FL 7 $1,225,000 $175,000
PORTLAND-SOUTH PORTLAND, ME 2 $1,170,000 $585,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 8 $1,110,000 $138,750
EUGENE-SPRINGFIELD, OR 3 $1,095,000 $365,000
SAN ANTONIO-NEW BRAUNFELS, TX 7 $1,055,000 $150,714
YUBA CITY, CA 5 $1,045,000 $209,000
WILMINGTON, NC 3 $1,025,000 $341,667
PITTSBURGH, PA 8 $1,020,000 $127,500
OKLAHOMA CITY, OK 5 $1,015,000 $203,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 5 $1,015,000 $203,000
WILMINGTON, DE-MD-NJ 4 $1,000,000 $250,000
OLYMPIA-LACEY-TUMWATER, WA 4 $1,000,000 $250,000
RICHMOND, VA 3 $995,000 $331,667
BREMERTON-SILVERDALE-PORT ORCHARD, WA 3 $925,000 $308,333
SALISBURY, MD-DE 4 $850,000 $212,500
BOISE CITY, ID 4 $800,000 $200,000
LONGVIEW, WA 1 $755,000 $755,000
PENSACOLA-FERRY PASS-BRENT, FL 4 $750,000 $187,500
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 3 $745,000 $248,333
HILTON HEAD ISLAND-BLUFFTON, SC 4 $730,000 $182,500
LAKE COUNTY-KENOSHA COUNTY, IL-WI 3 $705,000 $235,000
DETROIT-DEARBORN-LIVONIA, MI 5 $705,000 $141,000
CHARLESTON-NORTH CHARLESTON, SC 3 $695,000 $231,667
ELGIN, IL 3 $695,000 $231,667
REDDING, CA 4 $690,000 $172,500
AMARILLO, TX 1 $675,000 $675,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $660,000 $330,000
GREENVILLE-ANDERSON, SC 2 $650,000 $325,000
PUNTA GORDA, FL 3 $645,000 $215,000
SCRANTON--WILKES-BARRE, PA 1 $645,000 $645,000
JACKSONVILLE, NC 1 $645,000 $645,000
MEMPHIS, TN-MS-AR 5 $625,000 $125,000
SPOKANE-SPOKANE VALLEY, WA 3 $605,000 $201,667
MILWAUKEE-WAUKESHA, WI 3 $605,000 $201,667
LAFAYETTE, LA 2 $600,000 $300,000
FAYETTEVILLE, NC 3 $595,000 $198,333
GRANTS PASS, OR 2 $570,000 $285,000
KENNEWICK-RICHLAND, WA 2 $560,000 $280,000
LEBANON, PA 3 $555,000 $185,000
FLAGSTAFF, AZ 3 $525,000 $175,000
GRAND JUNCTION, CO 2 $500,000 $250,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 2 $490,000 $245,000
MADISON, WI 1 $485,000 $485,000
GREENSBORO-HIGH POINT, NC 2 $460,000 $230,000
OCALA, FL 3 $455,000 $151,667
DURHAM-CHAPEL HILL, NC 2 $450,000 $225,000
ASHEVILLE, NC 2 $370,000 $185,000
LEXINGTON-FAYETTE, KY 2 $370,000 $185,000
KNOXVILLE, TN 2 $360,000 $180,000
VINELAND-BRIDGETON, NJ 1 $355,000 $355,000
PRESCOTT VALLEY-PRESCOTT, AZ 1 $335,000 $335,000
GAINESVILLE, GA 1 $315,000 $315,000
HOT SPRINGS, AR 2 $310,000 $155,000
SHERMAN-DENISON, TX 1 $305,000 $305,000
NORWICH-NEW LONDON, CT 1 $305,000 $305,000
ST. CLOUD, MN 1 $295,000 $295,000
READING, PA 1 $285,000 $285,000
CHEYENNE, WY 1 $275,000 $275,000
GARY, IN 1 $275,000 $275,000
JONESBORO, AR 1 $265,000 $265,000
IDAHO FALLS, ID 2 $250,000 $125,000
LANSING-EAST LANSING, MI 1 $235,000 $235,000
HANFORD-CORCORAN, CA 1 $235,000 $235,000
MOBILE, AL 1 $235,000 $235,000
CORVALLIS, OR 1 $235,000 $235,000
SEBASTIAN-VERO BEACH, FL 2 $220,000 $110,000
AUBURN-OPELIKA, AL 1 $215,000 $215,000
MIDLAND, TX 1 $215,000 $215,000
OSHKOSH-NEENAH, WI 1 $215,000 $215,000
SEBRING-AVON PARK, FL 1 $215,000 $215,000
ODESSA, TX 1 $205,000 $205,000
GRAND RAPIDS-KENTWOOD, MI 1 $195,000 $195,000
CHATTANOOGA, TN-GA 1 $185,000 $185,000
COLUMBUS, IN 1 $185,000 $185,000
NILES, MI 1 $185,000 $185,000
DECATUR, AL 1 $175,000 $175,000
CALIFORNIA-LEXINGTON PARK, MD 1 $175,000 $175,000
BURLINGTON, NC 1 $165,000 $165,000
HARRISONBURG, VA 1 $165,000 $165,000
ST. LOUIS, MO-IL 1 $155,000 $155,000
COLUMBUS, GA-AL 1 $155,000 $155,000
KILLEEN-TEMPLE, TX 1 $155,000 $155,000
ERIE, PA 1 $155,000 $155,000
CASPER, WY 1 $155,000 $155,000
THE VILLAGES, FL 1 $145,000 $145,000
HOUMA-THIBODAUX, LA 1 $145,000 $145,000
FORT WAYNE, IN 1 $145,000 $145,000
TUSCALOOSA, AL 1 $145,000 $145,000
YORK-HANOVER, PA 1 $145,000 $145,000
WALLA WALLA, WA 1 $135,000 $135,000
GETTYSBURG, PA 1 $125,000 $125,000
DOVER, DE 1 $115,000 $115,000
COLUMBIA, SC 1 $115,000 $115,000
HARRISBURG-CARLISLE, PA 1 $115,000 $115,000
ROANOKE, VA 1 $115,000 $115,000
BILLINGS, MT 1 $115,000 $115,000
MICHIGAN CITY-LA PORTE, IN 1 $115,000 $115,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $105,000 $105,000
CARSON CITY, NV 1 $105,000 $105,000
PUEBLO, CO 1 $105,000 $105,000
FLINT, MI 1 $95,000 $95,000
WILLIAMSPORT, PA 1 $75,000 $75,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
3-4% 3 $2,235,000 $745,000
4-5% 321 $171,865,000 $535,405
5-6% 1,474 $679,590,000 $461,052
6-7% 1,719 $667,505,000 $388,310
7-8% 751 $257,405,000 $342,750
Over 8% 126 $35,430,000 $281,190

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 89 $7,795,000 $87,584
$100k-200k 1,118 $168,890,000 $151,064
$200k-400k 1,681 $483,115,000 $287,397
$400k-600k 698 $338,780,000 $485,358
$600k-1000k 597 $462,765,000 $775,151
$Over $1MM 214 $353,430,000 $1,651,542

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 198 $76,110,000 $384,394
40-60% 826 $363,480,000 $440,048
60-80% 3,016 $1,231,820,000 $408,428
80-100% 334 $136,870,000 $409,790
Under 20% 22 $6,260,000 $284,545

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 829 $250,795,000 $302,527
$150k-250k 1,023 $405,555,000 $396,437
$50k-75k 363 $70,825,000 $195,110
$50k-or less 454 $110,090,000 $242,489
$75k-100k 388 $96,950,000 $249,871
$Over $250k 1,222 $813,080,000 $665,368

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 2,784 $1,145,760,000 $411,552
Asian 701 $305,965,000 $436,469
Not provided 516 $232,870,000 $451,298
Black 294 $88,020,000 $299,388
Not applicable 55 $25,785,000 $468,818
Native Hawaiian 20 $7,690,000 $384,500
American Indian 20 $5,180,000 $259,000
Korean 1 $1,405,000 $1,405,000
Filipino 2 $1,050,000 $525,000
Asian Indian 2 $540,000 $270,000
Other Asian 1 $345,000 $345,000
1 $165,000 $165,000

Approval Rates

Total approvals of all applications
94.55%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
42.87%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
12157.5 1 $225,000 $225,000
128795.0 1 $3,005,000 $3,005,000
28511.0 1 $455,000 $455,000
76582.5 1 $1,475,000 $1,475,000
9695.0 1 $425,000 $425,000
NA 4,392 $1,809,190,000 $411,929

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 278 $114,220,000 $410,863
$1k-2k 566 $289,990,000 $512,350
$2k-3k 140 $50,780,000 $362,714
$3k-4k 623 $114,325,000 $183,507
$5k+ 2,229 $1,060,225,000 $475,651

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 57 $36,005,000 $631,667
Single Family (1-4 Units):Manufactured 1 $245,000 $245,000
Single Family (1-4 Units):Site-Built 4,339 $1,778,525,000 $409,893