NEW YORK May 20 Citigroup Inc is looking
to increase its market share in the U.S. mortgage market by
buying home loans from other lenders, a top executive said on
"We want to grow," said Jane Fraser, the chief executive
officer of Citi Mortgage, at the Mortgage Bankers Association
secondary market conference in New York.
Much of the push for expansion will come from correspondent
lending, or Citigroup buying mortgages that meet criteria it has
established from other financial institutions. Fraser called the
correspondent market "very important" and said that Citigroup
was "open for business" with correspondent lenders.
Fraser also said that the bank would look to hold the new
loans on its balance sheet and would be "extremely careful"
about the quality of the loans it will make.
Citigroup was the seventh-largest U.S. mortgage lender in
the first quarter of 2014, according to industry publication
Inside Mortgage Finance. Its market share fell by nearly
two-thirds to 2.7 percent of all U.S. home loans in the first
quarter compared with the same period in 2013.
(Reporting by Peter Rudegeair; Editing by Lisa Shumaker)