CitiMortgage is throwing its wholesale division overboard – again. Readers of the National Mortgage News website (and weekly) might recall that two years ago Citi scaled back its broker channel significantly only to re-grow it a bit. But at last check, wholesale production accounted for just 10% of its overall production and some brokers I talked to are not sorry to see them go. Some complained about Citi's points and fees and told me stories of wholesale account executives who wouldn't return telephone calls for two days. One West Coast broker said he couldn't care less about what Citi does. Meanwhile, other firms are stepping up, planning to grow their wholesale units. And thanks to Citi's exit it will only be easier for them. When one window closes, another opens.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28