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Farewell, Citimortgage(Citibank)
February 26th, 2012 9:04 PM

CitiMortgage Exit Wholesale again. This is the 2nd time
in the last 3 years.

I loved this lender since it helped me to expand
my business. In January 2008, this lender had
very good rates for ARM program, and I found
the good rates two days ahead of other brokers,
which gave me lots of advantge over the
competitors.

I got lots of business because of those wonderful rates.
And my business expanded multiple times after that.

In 2009, citi exited wholesale the first time. But they kept
1000 brokers nationwide and I was one of them who can
originate citi loans until now. Though the
overall rates were not good, their ARM rates
were good for quite some time(Especially Rental rates).

I knew this company for a long time, not just as a lender.
I loved the stories  how Sandy Weill and Jamie Dimon
built the citibank. You can find it from the two books:
Tearing Down the Walls(about Sandy Weill) and Last Man Standing
(about Jamie Dimon). I think the MBAs who are interested
in banking systems should read those books. Sometimes,
I dreamed about starting a new career if I were
10 years younger.

I hope citibank can survive and will return to wholesale
channel a few years later.

I will have the last loan closed with citimortgage Tomorrow.
I write this blog to memorize the good moments with this lender.


Posted in:General
Posted by Eric Fang on February 26th, 2012 9:04 PMPost a Comment

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