Earlier this year, Citigroup revealed that it was looking for a new person to run its U.S. mortgage business as the bank signaled it was moving back into mortgages.
Recently, the bank moved completely away from mortgage servicing and scaled back its lending operation, but earlier this year, the bank 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 as an indication that Citi may be moving back into the mortgage business, and now, the bank has identified the team that will lead its mortgage resurgence.
Citi announced Monday that it named David Smith as chief operating officer of its U.S. retail bank and mortgage business.
Smith was previously CitiMortgage’s head of originations operations.
In this new role, Smith will “drive business strategy, operations and financial planning across Citi’s newly combined business,” the bank said in an announcement.
Smith will also continue to lead the bank’s efforts towards launching its digital mortgage originations capability. Earlier this year, Smith spoke to HousingWire about what the bank’s digital mortgage push means for the company’s future.
Smith has served in various roles at Citi since joining the bank in 2008. Earlier in his Citi career, Smith held leadership roles in mortgage default and originations program management.
As for who will be filling that head of U.S. mortgage position, the bank announced that it is promoting Ranjit Bhattacharjee to lead its mortgage business.
Bhattacharjee is currently head of capital markets and correspondent sales for Citi’s mortgage division.
Going forward, Bhattacharjee will “lead the growth of Citi’s mortgage business in close partnership with retail banking to deliver a best-in-class customer experience that drives new acquisitions and deepens client relationships,” the bank said in an announcement.
Bhattacharjee joined Citi in 2000, and has led teams in CitiMortgage and Citi’s institutional clients group.
Additionally, the bank also announced that it is naming Brad Wayman as its new head of U.S. mortgage sales. In this role, Wayman will lead Citi’s mortgage sales teams.
Wayman joined Citi in 2003, leading teams in retail, wholesale and correspondent lending throughout his tenure with the bank.
According to the bank, Wayman has been a division lending executive on the East Coast for the past four years, most recently for New York, New Jersey and North East Suburban markets.
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