CitiMortgage is a subsidiary
retail mortgage lender and servicer of
parent Citigroup Inc. (NYSE: C) which has
200 million customer accounts and does
business in more than 100 countries.
This makes it one of the world's
largest mortgage lenders.
CitiMortgage writes fixed rate
conventional, VA, and FHA mortgages, with
fixed rates terms available for 15 or 30
years. Citi also advertises a variety of
variable rate mortgages. That start with a
low, introductory fixed rate for the first
10, 7, 5, 3, or 1 year, and then reset to a
variable rate tied to prime for the rest of
the life of the loan. Citi Mortgage
advertises their ARMs as, “Pay Less Now/Get
More Now.”
In terms of individuals shopping for a
mortgage loan right today, what this means
is that no matter what Citi Mortgage has up
on its public website, it might not be the
easiest place to get approved for a new
loan.
The real question however is, why would anybody want a mortgage with
Citi right now? Despite the fact that Citi Mortgage still advertises
creative mortgage products on its website, their CEO's announcement
means that they will be making very few, if any, new creative loans and
will be dumping the ones it still has as soon as possible.
Some analysts believe that Citigroup has gotten too gigantic and
complex, trying to be all things under one enormous roof, and can no
longer manage itself properly.
We do Business in
Accordance with Federal Fair Lending Laws
UNDER THE FEDERAL FAIR
HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF
RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX,
HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN
UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing,
constructing, improving, repairing, or
maintaining a dwelling, or to deny any loan
secured by a dwelling; or
Discriminate in fixing the amount, interest
rate, duration, application procedures, or
other terms or conditions of such a loan, or
in appraising property.
IF YOU BELIEVE YOU
HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD
SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing and Equal
Opportunity
Department of Housing and Urban Development
Washington, DC 20410
For processing under the Federal Fair Housing
Act
AND TO
Office of the Comptroller of the Currency
Customer Assistance Unit
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
