CitiMortgage 'Re-Contacting' Brokers for New Business

CitiMortgage, which early last year trimmed its wholesale unit to the bone, is now contacting certain loan brokers it used in hopes of drumming up new business. It's unclear how extensive the lender's broker outreach effort is at this point. A company spokesman noted that CitiMortgage has no "formal" plans but said, "We touch base with some former customers from time to time to consider the potential benefits of future relationships." Brian Benjamin, who runs Two River Mortgage in Red Bank, N.J., said he was contacted by a CitiMortgage account executive from Texas and asked to re-register with the lender. Mr. Benjamin said he sent in his application but has not heard from Citi. A Denver broker, requesting his name not be used, said he too was contacted but is leaning toward not re-applying. (For the full story see the paper edition of National Mortgage News.)