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Number Of Suspended CitiGroup Brokers Rises

More than half of correspondents also suspended

August 31, 2001


CitiGroup Inc. has suspended business with more than 3,600 subprime mortgage brokers -- far more than previously announced -- as part of continuing internal reforms prompted by last year's acquisition of Associates First Capital Corp., according to a story yesterday in the interactive edition of the Wall Street Journal (WSJ.com). The story cited an internal memorandum sent by Robert Willumstad, chief executive of CitiGroup's consumer division.

WSJ.com said that CitiGroup has now severed ties with 64% of the brokers who used to do business with Associates, which has been merged with CitiGroup's own subprime lending unit, CitiFinancial. While CitiGroup announced in April that it had suspended operations with 1,100 brokers, another 2,500 have been suspended since then. The memo reportedly said that brokers were suspended for one or more of the following reasons:

  • inadequate or suspended state licenses
  • failure to bring in regular, quality business
  • integrity concerns
  • failing to acknowledge the code of conduct
WSJ.com went on to say that CitiGroup also suspended business with about 300 of the 570 independent correspondents that underwrote and funded loans later purchased by Associates, using similar criteria to the broker review. CitiGroup reportedly said it plans to monitor the performance of the remaining correspondents and brokers.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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