Citi's Exit From Wholesale No Big Deal?

CitiMortgage is throwing its wholesale division overboard – again. Readers of the National Mortgage News website (and weekly) might recall that two years ago Citi scaled back its broker channel significantly only to re-grow it a bit. But at last check, wholesale production accounted for just 10% of its overall production and some brokers I talked to are not sorry to see them go. Some complained about Citi's points and fees and told me stories of wholesale account executives who wouldn't return telephone calls for two days. One West Coast broker said he couldn't care less about what Citi does. Meanwhile, other firms are stepping up, planning to grow their wholesale units. And thanks to Citi's exit it will only be easier for them. When one window closes, another opens.