Mortgage

Citi posts job to run its U.S. mortgage operation

Job responsibilities include “successful completion of mortgage transformation”

Citigroup is looking for a new head of its U.S. mortgage operation.

The company has been going through a significant shift in its mortgage business over the last few years, including moving completely away from mortgage servicing and scaling back its lending operation as well.

And now, the bank is looking for a new leader of its U.S. mortgage business, who will be tasked with the “successful completion of mortgage transformation,” among many other responsibilities.

Citigroup played a major role in housing after the turn of the century and into the housing boom years, however, after the market crashed, the bank was left to pay up $7 billion for bad mortgages, including defrauding investors with mortgage securities.

Recently, the bank pulled back from its mortgage business, but despite those changes, CitiMortgage still ranked No. 21 in total number of loans at 51,538 based on 2016 HMDA data. CitiMortgage also ranked No. 11 in 2016 annual loan volume at $20.7 billion.

And earlier this year, the bank also announced that it entered into an agreement with Digital Risk and Black Knight to form its new single digital mortgage origination platform.

The move was seen was seen as an indication that Citi may be moving back into the mortgage business, and now, the company is looking for the person to lead that effort.

Citi actually posted the job online recently. To see the full job posting, click here.

“The Head of U.S. Mortgage will be an integral part of the U.S Retail Bank and Mortgage leadership team and will be responsible for growing the CitiMortgage business in the United States and meet the on-going needs of current and potential clients for Citibank,” the job posting states.

“The Head of U.S. Mortgage will have responsibility for continuing to transform and grow the business with a goal of continuing to achieve efficient, profitable results while delivering best–in-class customer experience,” the job posting continues. “The position is tasked with leveraging and partnering closely with Citi’s extensive Retail Banking Network to acquire new and deepen existing client relationships.”

As one might imagine, the job posting also lists many other responsibilities, including:

  • As the mortgage P&L owner, develop the strategy and execute upon it to meet/exceed financial plan
  • Partner closely with the Head of Mortgage Sales to align the business and sales strategies and to deliver a seamless customer experience
  • Drive the business through balanced risk management, strong control discipline and flawless operational execution
  • Be the voice of Mortgage around the US Retail and Mortgage leadership table. Work closely with peers to deepen and acquire deposit and investment relationships
  • This executive will have direct leadership accountability for Capital Markets, Fulfillment Operations, BP&A, Vendor Strategy & Management, Business Controls and Mortgage Pricing
  • Accountable to the successful completion of Mortgage Transformation
  • The strategy and execution to of our mortgage fulfillment operations, our capital markets and mortgage pricing strategy and decisioning, as well as accountability for overall U.S. Mortgage performance management

Again, click here to see the job posting in full.

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