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C » Topics » By Origination Channel

This excerpt taken from the C 10-Q filed Nov 6, 2009.

By Origination Channel

        The Company's U.S. consumer mortgage portfolio has been originated from three main channels: retail, broker and correspondent.

    •
    Retail: loans originated through a direct relationship with the borrower.

    •
    Broker: loans originated through a mortgage broker, where the Company underwrites the loan directly with the borrower.

    •
    Correspondent: loans originated and funded by a third party, where the Company purchases the closed loans after the correspondent has funded the loan. This channel includes loans acquired in large bulk purchases from other mortgage originators primarily in 2006 and 2007. Such bulk purchases were discontinued in 2007.

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Table of Contents

These excerpts taken from the C 10-K filed Feb 27, 2009.

By Origination Channel

The Company’s U.S. Consumer mortgage portfolio was originated from three main channels: retail, broker and correspondent.

 

•  

Retail: loans originated through a direct relationship with the borrower.

•  

Broker: loans originated through a mortgage broker, where the Company underwrites the loan directly with the borrower.

•  

Correspondent: loans originated and funded by a third party, where the Company purchases the closed loans after the correspondent has funded the loan. Includes loans acquired in large bulk purchases from other mortgage originators. These types of purchases, used primarily in 2006 and 2007, mainly focused on non-prime and second-lien loans to be held on Citigroup’s balance sheet. This method of acquisition was discontinued in 2007, and the current correspondent channel focuses on acquisition of loans eligible for sale to the GSEs.

 

By Origination Channel

The Company’s U.S. Consumer mortgage portfolio was originated from three main channels: retail, broker and correspondent.

 

•  

Retail: loans originated through a direct relationship with the borrower.

•  

Broker: loans originated through a mortgage broker, where the Company underwrites the loan directly with the borrower.

•  

Correspondent: loans originated and funded by a third party, where the Company purchases the closed loans after the correspondent has funded the loan. Includes loans acquired in large bulk purchases from other mortgage originators. These types of purchases, used primarily in 2006 and 2007, mainly focused on non-prime and second-lien loans to be held on Citigroup’s balance sheet. This method of acquisition was discontinued in 2007, and the current correspondent channel focuses on acquisition of loans eligible for sale to the GSEs.

 

This excerpt taken from the C 10-K filed Feb 22, 2008.

By Origination Channel

The Company’s U.S. Consumer mortgage portfolio was originated from three main channels: retail, broker and correspondent.

 

•  

Retail: loans originated through a direct relationship with the borrower.

•  

Broker: loans originated through a mortgage broker; the Company underwrites the loan directly with the borrower.

•  

Correspondent: loans originated and funded by a third party; the Company purchases the closed loans after the correspondent has funded the loan.

EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
10-K (2 sections)
Feb 27, 2009
10-K
Feb 22, 2008

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