Citigroup on Tuesday afternoon revealed that it recently hired Mark Danahy to head its residential origination division, which ranks among the top five in the nation.
Back in May Danahy stepped down as chief executive of PHH Mortgage, Mt. Laurel, N.J., to pursue what the company called "other opportunities."
At CitiMortgage Danahy holds the title of 'head of origination services.' He will be based in St. Louis and report directly to Sanjiv Das who will continue on as CEO of the group.
"This is a new position," said a CitiMortgage spokesman. "He doesn't really replace anyone."
Danahy actually started at CitiMortgage last month. His hiring was not made public until Tuesday. Specifically, he will be responsible for sales, direct-to-consumer channels, marketing and price execution. The bank's fulfillment unit will report jointly into Danahy and Harold Lewis, who recently assumed the title of chief operating officer.
In a statement Das said, "We have changed the way we approach our business with a balanced, national portfolio of originations anchored around our network of branches."
According to National Mortgage News and the Quarterly Data Report, CitiMortgage ranks fourth in both residential originations and servicing.
