February 26th, 2012 9:04 PM by Eric Fang
CitiMortgage Exit Wholesale again. This is the 2nd timein the last 3 years.
I loved this lender since it helped me to expand my business. In January 2008, this lender hadvery 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 kept1000 brokers nationwide and I was one of them who can originate citi loans until now. Though the overall rates were not good, their ARM rateswere 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 Dimonbuilt 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 were10 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.