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Citigroup to Exit Mortgage Brokerage Channel

first_imgCitigroup to Exit Mortgage Brokerage Channel Agents & Brokers Bank of America Citigroup Investors JPMorgan Chase Lenders & Servicers MetLife Processing Service Providers 2012-02-02 Ryan Schuette February 2, 2012 442 Views in Data, Origination, Secondary Market, Servicingcenter_img Share “”Citigroup””:http://www.citigroup.com/citi/homepage/ joined a host of other financial institutions Wednesday by declaring that it plans to exit the mortgage brokerage business.[IMAGE]Mark Rodgers, a spokesperson for Citi, says that the bank ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the nation’s third-largest by assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô elected to “”transition away from our mortgage broker business and sharpen our focus on a customer-centric channel strategy.””He says that the move away from brokers will allow Citi to “”focus our attention and efforts on our retail and [COLUMN_BREAK]correspondent channels,”” even while it invests “”resources in growing those channels that align the mortgage business with the overarching customer-centric strategy”” of the industry in North America.He said that the bank expects to “”transition”” most of the employees from the broker channel to “”similar roles within the business.””””Bloomberg News””:http://www.bloomberg.com/news/2012-02-01/citigroup-says-bank-plans-to-exit-mortgage-brokerage-business.html quoted the spokesperson Wednesday as saying that Citi anticipates transitions for many of the 300 brokers in its employ and job “”discontinuances”” in the “”low double-digits.””The news outlet reported figures from Inside Mortgage Finance that said Citi had originated $67.9 billion of mortgages in 2011, 8.6 percent of which comes from brokers.””Bank of America””:https://www.bankofamerica.com/ and “”JPMorgan””:http://www.jpmorganchase.com/corporate/Home/home.htm also decided to cease mortgage originations via brokers in recent months.This follows a wave of industry departures last fall, with life insurer “”MetLife””:http://www.metlife.com/ and “”Morgan Stanley””:http://www.morganstanley.com/ announcing their departures from the forward mortgage and servicing shares of market activity, respectively.last_img

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