Acra Lending Reviews and Customer Experiences

Acra Lending, formerly known as Citadel Servicing Corporation (CSC), has rebranded itself to reflect its commitment to providing industry-leading service and programs that cater to its customers' needs.

 Keith Lind, Executive Chairman and President of Acra, stated that the company invested significant time and resources in enhancing its financial and operating models and developing its people and technology to achieve this goal. Acra is one of the largest non-QM lenders in the United States, and the rebranding is set to take effect on Monday.

HPS Investment Partners, LLC, a financial services firm, acquired Citadel Servicing in February 2020. When the COVID-19 pandemic struck, the non-QM market vanished, with liquidity drying up and bond investors abandoning the non-QM market. Many non-QM lenders, including Caliber Home Loans, Angel Oak Mortgage Solutions, New Rez Mortgage, Carrington Mortgage Services, Athas Capital Group, and First Guaranty Mortgage Company, stopped issuing non-QM loans, which account for around 5% of the overall mortgage market. Some non-QM lenders went out of business, while others laid off a significant number of employees and reorganized their operations.

Citadel Servicing put a stop to new originations during this period. However, it resumed non-QM lending in the summer, following a four-month hiatus. According to Lind, CSC now has 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." As a result, Acra has greater balance sheet and origination capacity, with over $700 million in new term and non-mark-to-market warehouse facilities. Lind stated that the company would continue to invest in its direct-to-consumer and correspondent channel.

Lind further explained that Citadel Servicing had grown so quickly in recent years, and certain aspects of its business would benefit from investment so that it could restart lending from a stronger position. According to Doug Perry, Citadel's Managing Director of Wholesale and Retail, the company expects to fine-tune its plan as the country recovers from the virus. Perry added that despite the brief pause in the sector, demand for non-QM programs remains strong, and the company would strive to improve its practices, including securing its balance sheet and making the origination process more efficient for its brokers and consumers.

In conclusion, Acra Lending's rebranding demonstrates its commitment to providing excellent service and programs that cater to its customers' needs. Despite the challenges posed by the COVID-19 pandemic, Acra has emerged stronger, with a more robust balance sheet, better technology, upgraded guidelines and processes, and a diverse and experienced management team. Acra's focus on investment and improvement will undoubtedly strengthen its position as one of the leading non-QM lenders in the United States.