Well, they were one of the few remaining pushing seconds via the wholesale channel when the rest of the world backed away. I guess the sovereign wealth funds said “no mas” to home equity loans through brokers. Of course, they are still available through the retail channel. Just another ding against brokers. Just another bonus for the retail folks. Anyone still have questions about whether banks are trying to phase out wholesale?
From Citi Home Equity:
Important Announcement to CitiMortgage and Citi Home Equity Customers Regarding Home Equity Products - Please read
Earlier this month, CitiMortgage shared publicly a new business strategy that included originating greater percentage of saleable products. As a result of this strategy, we will no longer offer home equity stand alone or combo products, effective March 18, 2008.
- The last day to register and lock either a stand alone second or combo is Tuesday, March 18.
- On Wednesday, March 19 these products will no longer be available on the Citi Home Equity Web site at www.CitiHomeEquity.com.
- All stand alone and combo loans in the pipeline must fund on or before May 12, 2008.
With this change in strategy, I do want to reiterate two things. First, home equity products are still available via Citi’s retail distribution channels. Second, CitiMortgage intends to remain an industry leader in both Wholesale Lending and mortgage lending overall and we thank you for your continued business as we work through this time in the industry together.
Hat tip Dan and Aaron for the communication - as Chris used to say - the beat goes on.
