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Beckmann IsLeaving Citi

Bill Beckmann, president of CitiMortgage, will leave the unit by the end of June, Mortgage Servicing News has learned.

In a memo, Citigroup said Mr. Beckmann is stepping down "to spend more time with his family."

A spokesman for Citigroup confirmed the departure, noting, "We're developing a transition plan now." No immediate successor was named for the industry's third largest servicer. Up until last year Mr. Beckmann managed only Citigroup's "A" paper business. Like a handful of other large originators, Citigroup merged its nonprime business into its prime unit. Until the end of June, Mr. Beckmann will oversee CitiMortgage (which is based here), Citi Home Equity and Citi Residential Lending. CRL includes the old Argent Mortgage subprime wholesale division, which is in the process of being closed.

CitiMortgage is the nation's fifth largest residential originator and services nearly $800 billion, according to figures compiled by this newspaper. Citi bought the Argent platform from ACC Capital Holdings, Orange, Calif., last fall. The bank also bought the servicing business of Ameriquest Mortgage, a sister company to Argent. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/

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