Mortgage Co-Op Hires Ex-Citi Exec

Lenders One, a 60-company mortgage cooperative based in St. Louis, has hired a former top official at CitiMortgage to help it develop new business opportunities.Until recently, the new hire, Jeff McGuiness, was executive vice president and managing director of correspondent lending at CitiMortgage of O'Fallon, Mo. Mr. McGuiness will hold the title of EVP and will also focus on managing the co-operative's existing mortgage banking relationships. "As margins tighten for independent mortgage bankers in the future, Jeff will focus on developing strategies that independent lenders can use to ensure their success," said Lenders One president Tim Stern. Formed in 2000, the cooperative's members fund about $45 billion annually.