CitiMortgage (www.citimortgage.com) Company History and News
Corporate Headquarters
Citimortgage
399 Park Avenue
New York City, NY 10022
Background and Company History of Citimortgage
Citimortgage is a part of Citigroup, Inc., the largest financial services group in the world. Citimortgage began in 1812 as a small bank charted by the state of New York, then named the City Bank of New York. In 1865 the bank joined the new U.S. banking system and soon became the largest bank in America. The bank continued it’s rapid growth and by 1929 had become the largest commercial bank in the world.
The City Bank of New York entered into the financial and lending services arena and became the first bank in America to provide checking accounts, unsecured personal loans for buying a home, compound interest on savings, certificates of deposit and eventually credit cards.
In 1976 CEO Walter Wriston renamed the banked Citibank and the brand took off from there. The subprime mortgage crisis brought hard times on Citibank and had to layoff over 20% of it’s workforce but eventually the bank recovered and in 2010 saw its first year of revenue since 2007.
Brief Timeline of Citimortgage History
June 16, 1812 – The City Bank of New York is founded under the company’s first president Samuel Osgood to serve New York merchants.
1865 – The company changes its name to the National City Bank of New York and joins the U.S. National Banking System.
1895 – The National City Bank of New York becomes the largest bank in the U.S.
1955 – The bank changes its name to The First National City Bank of New York.
1962 – The bank celebrates 150th birthday and renames itself The First National City Bank of New York.
1967 – The company offers its first credit card the First National City Charge Service which will eventually become the MasterCard.
1976 – The bank is renamed Citibank and their credit card becomes known as the Citicard.
1998 – Citicorp merges with Travelers Group combining both groups’ clients and mutual funds.
2000 – Citigroup buys Associates First Capital Corp. as part of the merger Citi agrees to pay over $200M to previous customers of Associates who were victims of predatory lending schemes.
2008 – The subprime mortgage crisis hits and Citi dramatically underestimates the effects when calculating risks for the year resulting in hard times for the company and the immediate loss of almost 10% of their employees.
2009 – Citigroup reorganizes itself into Citicorp which manages retail and organizational clients, and Citi Holdings which handles all management of assets.
2010 – The government sells all its remaining stock in Citigroup resulting in a $12B profit for the taxpayers.
Citimortgage’s Financials
In 2009 Citimortgage reported $1.6B loss due to the economic downturn. In 2010 the company reported its first profit since 2007, of $106.B in total profits.
The Citicorp group reported over $86.6B in revenue for 2010 and over $1.9 trillion in total assets.
The Citimortgage Team and Board of Directors
Citimortage’s First President
Samuel Osgood
Citimortgage’s Board of Directors
Sanjiv Das – CEO
Paul Ince – CFO
Fred Bolstad – Managing Director of Wholesale Lending
Daniel Hoffman – Senior VP
Jeffrey R. McGuiness – Managing Director of Correspondent Lending Division
Citicorp is broken up into 12 different divisions
- Citi
- Citibank
- One Main Financial
- Citimortgage
- Citi Capital Advisors
- Citi Cards
- Citi Private Bank
- Citi Institutional Clients Group
- Citi Investment Research
- Citi Microfinance
- Banamex
- Woman & Co.
Products and Services of Citicorp
Citicorp
Regional Consumer Banking
- Retail Banking, Local Commercial Banking and Citi Personal Wealth Management
- North America, EMEA, Latin America and Asia; Residential real estate in North America
Citi-Branded Cards
- North America, EMEA, Latin America and Asia
Latin America Asset Management
Institutional Clients Group
Securities and Banking
- Investment banking
- Debt and equity markets
- Lending
- Private equity
- Hedge funds
- Real estate
- Structured products
- Private Bank
- Equity and Fixed Income research
- Transaction Services
- Cash management
- Trade services
- Custody and fund services
- Clearing services
- Agency/trust
Citi Holdings
Brokerage and Asset Management
- Largely includes investment in and associated earnings from Morgan Stanley Smith Barney joint venture
- Retail alternative investments
Local Consumer Lending
North America
- Consumer finance lending: residential and commercial real estate; auto, student and personal loans; and consumer branch lending; support for refinancing a home
- Retail partner cards
- Certain international consumer lending (including Western Europe retail banking and cards)
- Homeowner Assistance
Special Asset Pool
- Certain institutional and consumer bank portfolios
Citimortgage News and Resources
Citimortgage’s CEO Sanjiv Das Helps Save Homes
Citimortgage Sanjiv Das is known by family and friends as a great guy and he proved to the world this was true by helping homeowners who face financial troubles as a result of the economic downtown save their houses. Das was the founder of a program that’s the first-of-its-kind, which helps families who face finical hardships lower their mortgage payments by over $500 per month.
Since the program was started in 2007 Citimortgage has saved customers from over $43B of debt by lowering over 400,000 individual loans.
Citimortgage partners with Keller Williams to give Keller William’s clients a relief from pre-approval fees and lower fees on jumbo loans. Citimortgage will get the right to advertise at Keller Williams conferences, on their website and in their publications.
Citimortgage Partners with Keller Williams to Reduce Loan Fees
The new program for Keller William’s clients is called “SureStart” and is similar to a previous agreement made with Foxtons in 2006.
To Apply for a mortgage loan from Citimortgage visit their site.
For more information on Citimortgage or Help with a product visit their site.