We have touted our status as one of Citi Mortgages “chosen few” many times, after Citi cut approximately 10,000 Broker Shops from their “approved broker network”. Last night we had dinner with the heads of Citi’s wholesale banking and consumer banking channels. We were invited b/c of our loan volume and quality.
In any case, wholesale banking (catering to brokers) is now Citi’s MOST profitable lending arm. In addition, broker originated loans now have the highest performance rating. The reason is that all the “fly-by-night brokers” have been pushed out of the industry. Citi also says that pending regulations pose zero threat to the existence of the broker community; they are certain b/c they have so much inside access to Washington.
Our point: Wholesale Brokering is here to stay. Follow up point: This is great news for Realtors b/c it means far more options, lower rates, and faster turn-times for buyers. We can still close in 21 days and nobody touches our rates.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167