CitiFinancial is reportedly halting the origination of new mortgages through Canadian brokers, “effective immediately.”
Citi was best known among mortgage professionals for their 100% loan-to-value second mortgages. We’re waiting to hear if those and other Citi mortgages will continue to be offered through CitiFinancial Canada directly.
Citi will reportedly honour all commitments that close on or before December 3. Get your documents in quickly if you have a mortgage pending with them.
One source told us CitiFinancial will still offer their current line of mortgage products through Citi branches.
The company has also reportedly stopped all broker originations in the U.S. Back in October they announced they were slashing their U.S. broker partners by 90%.
We’re awaiting confirmation from Citi on all the details.