CitiMortgage Chief Beckmann Leaving at End of June

Bill Beckmann, president of CitiMortgage will leave the unit by the end of June, MortgageWire has learned. A spokesman for Citigroup confirmed the departure, noting that, "We're developing a transition plan now." No immediate successor was named. 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 in O'Fallon, Mo., Citi Home Equity, and Citi Residential Lending. CRL, though, which includes the old Argent Mortgage subprime wholesale division, is being closed. In a memo, Citigroup said Mr. Beckmann is stepping down "to spend more time with his family."