Citi Shrinks Mortgage Broker Business As Wholesale Landscape Quickly Evolves
October 16, 2008
CitiMortgage quietly sliced its mortgage broker business by almost 90 percent this month, the latest shift in a rapidly-changing wholesale mortgage environment pummeled by falling volume, ongoing consolidation and persistent credit woes. Citi is reportedly reducing its broker network from 9,500 to only 1,000 in an effort to sharply curtail third-party originations in...