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CitiMortgage President Departing

Bill Beckmann to leave at end of June

May 30, 2008

The president of CitiMortgage is leaving the company.

Bill Beckmann will resign at the end of June, according to a copy of an internal Citi announcement dated May 27 from Steven J. Freiberg.

Beckmann is reportedly leaving to spend more time with his family.

He replaced David Schneider as president of CitiMortgage in July 2005 following Schneider’s departure the month before to run Washington Mutual’s home loans division. Beckmann previously served as president of Citi’s Real Estate Servicing and Technology Division, and prior to that he oversaw specialty lending within the parent company’s U.S. Consumer Assets Division.

“Under Bill’s leadership, CitiMortgage originations grew dramatically from 2004 to 2007,” Freiberg said in the announcement. “He made great strides strengthening and streamlining our mortgage business by integrating our residential real estate lending businesses into a single, product-focused group.”

Citigroup reported $151.9 billion in 2007 originations compared to $99.1 billion in 2004Citigroup’s first quarter 2008 production of $34.3 billion was down, however, from $39.6 billion a year earlier.

No replacement has yet been named, a spokesman told MortgageDaily.com.

Freiberg noted he will be working with Beckmann on a new leadership structure over the next month.

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