I have some rather sad news to share today. There is no more accurate was to say it.
Later this afternoon you should be receiving some formal communication from CitiMortgage of their intent to dramatically change their way of doing business. This change will eliminate my position and all of the other account executive for the CitiMortgage Wholesale (broker) channel. Citi will be taking the 9,500 brokers it does business with today and reducing that number to the neighborhood of 1,000. They will then support those customers with an inside sales team going forward. I received this news minutes ago and I feel it my duty and privilege to relay it to you as I have managed our relationship.
It is not my intent as to explain why Citi is making this change. More so what I would like to cover is what will happen next so you can prepare for loans that are already in the pipeline and any deadlines that have been determined on submitting/locking and funding. I will do everything in my power to make this period as painless and seamless as possible. Expect complete details later this afternoon and in the days to come.
Here is what I know. The last day to lock and submit any loans to Citi Wholesale will be Friday. There has been no communication of any sort as to when loans would need to be funded by OR as to which customers will be retained going forward. I know that they are looking at the top customers, but outside of that...I know nothing more.
My final day of employment at Citi Mortgage will be this Friday. Over the last few weeks I have been evaluating my options and am just about certain (as certain as one can be in this situation) of my intent to stay in this industry as a wholesale account executive.
-from my CITI rep...minutes ago!
THis is forshadowing the inevitable, the credit market has shrunk and is only getting worse...Governemnt will be the only one buying mortgages for a long while...