CitiMortgage Inc. has named a new president to replace the chief it lost to a Seattle-based competitor.
Bill Beckmann was announced Wednesday as the new head of Citigroup's prime-lending mortgage arm.
Beckmann has been a "long-term veteran" with Citigroup, spokeswoman Anita Gupta told MortgageDaily.com.
Most recently, he was president of the company's Real Estate Servicing and Technology Division, according to the company. In this role, he presided over the servicing and technology area for Citigroup's residential real estate properties including CitiMortgage, subprime arm CitiFinancial Mortgage, Citicorp Trust Bank and Private Mortgage Operations.
Prior to that role, Beckmann oversaw specialty lending within the parent company's U.S. Consumer Assets Division.
The new mortgage president has "served as a close partner to CitiMortgage and has been integral to the business's growth," Citigroup said, noting that is has increased its customer base "by over 300% as we have gained market share moving into the [No.] 5 industry position."
Among lenders that report mortgage production, CitiMortgage was last year's sixth largest lender in the nation with volume of $99.1 billion.
Beckmann replaces David Schneider, who "went elsewhere" to purse "other career opportunities," Gupta said.
That "elsewhere" is Washington Mutual, which at June's end announced it hired Schneider to be president of its Home Loans Division. Effective Aug. 8, he will be the fifth executive to head the unit since late 2003.
WaMu, reportedly last year's third largest originator, has so far this year closed over 100% more in mortgages (including subprime) than CitiMortgage.