The Citi Mortgage Blog

Innovative Citi Home Loan Program Enables Customers to Pay Off Mortgage Faster and Pay Less Interest

2013-04-30T16:17:13Z

Program available to Citi customers across the New York tri-state area

Citi recently announced the launch of the Citi Offset Mortgage, a new program for Citi first-mortgage customers, allowing them to use their Citibank Day-to-Day Savings Account balances to earn rewards that are paid against their mortgage balance. This unique program allows Citi customers to pay off their loan more quickly while paying less interest over the life of their mortgage.

"We're constantly listening to our customers, and we understand that paying off their loans faster and paying less interest is important. With Citi Offset Mortgage, our customers also enjoy the peace of mind that they can access their savings for any need or for emergencies," said Sanjiv Das, President and CEO of CitiMortgage. "We recognize that our customers' needs are continuously evolving and as an organization, we are committed to offering financial solutions that help reduce complexities in their financial lives. This new program is unique in that it helps our customers optimize their financial portfolio, better manage their debt and allows their money to work harder while maintaining complete flexibility."

Rolled out successfully as a pilot program in 19 Citibank branches last year, the Citi Offset Mortgage will be offered to Citi customers interested in refinancing or purchasing a new home in the New York tri-state area.

"Consumers want their banking relationship to deliver greater rewards and value," said Stephen Troutner, Citi's Head of Branch Network and Banking Products for U.S. Consumer Banking. "The Offset Mortgage is a perfect example of how we are helping customers manage their finances by leveraging a broader relationship with Citibank."

The deposits in the customer's Citibank Day-to-Day Savings Account are used to reduce or "offset" the outstanding mortgage balance. Each month, an "offset reward" calculated from savings deposits will be paid by Citi and applied towards mortgage loan principal.

Example: a participating customer with a loan amount of $500,000 at a 3.75 percent interest rate (3.802 percent APR)* and a deposit account with a $50,000 balance will initially receive a monthly "offset reward" of nearly $160. This allows them to pay off their mortgage approximately two years faster, and saves over $32,000 in interest over the term of their mortgage.

Participants should consult their tax advisors as the offset credit will result in interest income that will be filed with the IRS. Also, the maximum savings account balance eligible for offset is 10 percent of the unpaid mortgage principal each month. All new mortgage loan amounts are eligible, however, the Offset Program is limited to certain loan products and subject to standard credit guidelines and loan approval.

Customers must have a Citibank Day-to-Day Savings Account and an automatic monthly debit for standard mortgage payment from a Citibank checking account to participate. Customers can add or withdraw money from their Citibank Day-to-Day Savings Accounts at any time without penalty, and the offset reward will be calculated each month after determining the eligible balance based on the average daily balance of the Citibank Day-to-Day Savings Account as it appears on the account statement for the statement period that ends during the prior calendar month.

If you have questions, please send an email to homeownersupport@citi.com.

Citi Community Development Assists with Launch of 'Home Matters'

2013-04-25T13:34:36Z

Citi Community Development is proud to have played a pivotal role in the launch of Home Matters, a movement to raise awareness of housing issues facing the nation, and educate Americans on the important role community development corporations play in providing safe and secure neighborhoods. More information on Home Matters is available at www.HomeMattersAmerica.com. Here is a link to a Press Release.

The Events in Boston

2013-04-16T15:09:12Z

Our thoughts are with the City of Boston and those impacted by these tragic events.

FHFA Extends HARP to 2015

2013-04-15T15:57:41Z

Washington, DC - The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.

"More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk," said FHFA Acting Director Edward J. DeMarco. "We are extending the program so more underwater borrowers can benefit from lower interest rates."

In addition, FHFA will soon launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends. HARP is uniquely designed to allow borrowers who owe more than their home is worth the opportunity to refinance their mortgage. Extending the program will continue to provide borrowers opportunities to refinance, give clear guidance to lenders and reduce risk for Fannie Mae, Freddie Mac and taxpayers.

To be eligible for a HARP refinance homeowners must meet the following criteria:

· The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.

· The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

· The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

· The current loan-to-value (LTV) ratio must be greater than 80 percent.

· The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.

Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances. Check here to see if your loan is owned by Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac have helped approximately 2.2 million borrowers refinance their homes since HARP was introduced by FHFA and the U.S. Department of the Treasury in April 2009.

Link to Press Release & FAQs

CitiMortgage Launches 2013 'Road to Recovery' Homeowner Assistance Events

2013-03-26T20:06:07Z

Citi's Road to Recovery events offer CitiMortgage Customers the opportunity to meet one-on-one with Homeowner Support Specialists to review mortgage options & have questions answered. Events will be held across the country, beginning in St. Louis on March 28. Find event details @ http://citi.us/ZGeySe & view a short video http://citi.us/ZXeCNi. Please visit our mortgage community at www.homeownersupport.com if you need assistance & your city is not yet on our calendar. Since 2007, Citi is proud to have helped more than 1.1 million homeowners in their efforts to avoid potential foreclosure and remain in their homes.

Independent Foreclosure Review Agreement in Principle

2013-01-07T19:36:05Z

An agreement between 10 mortgage servicers and federal bank regulators was announced today, January 7, 2013, regarding the Independent Foreclosure Review process. Citi believes this is a positive development that will provide benefits to homeowners. Here is a link to a statement from Citi on the Independent Foreclosure Review agreement and well as a link to the joint announcement from the Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency.

Hurricane Sandy

2012-10-29T13:28:37Z

We hope you and your families are safe. Please know we are ready to provide financial recovery solutions should you be in need of assistance if you have been impacted by the storm.

For Customer Service: We encourage you to contact us at 1-800-283-7918 and we will work to help with your individual needs.

For Property Claims: In the event of a loss, please contact us as soon as you can at 1-866-844-2198 (CitiMortgage Property Damage Claim Center). The sooner we begin working with you, the more we can help as you begin the process of rebuilding.

As always, thank you for being a CitiMortgage customer.

Go paperless!

2012-05-16T18:58:39Z

Sign up for paperless statements to reduce clutter, save time and help the environment. When you sign up for paperless statements through CitiMortgage, you'll receive an email letting you know when your statement is ready to be viewed instead of getting a paper statement in the mail - that's one less piece of mail to open and keep track of.

Going paperless is easy.

It's easy to sign up for paperless statements with CitiMortgage. If you haven't done so already, you will first need to sign up for online access for your CitiMortgage account from our website at www.citimortgage.com.

Once you have signed into your CitiMortgage online account, select enroll in paperless from the menu options. The paperless enrollment page will display.

Simply follow the provided instructions on the paperless enrollment page and you're set! If you have any questions, feel free to contact Customer Service at 1-800-283-7918^†.

^†Calls are randomly monitored and recorded to ensure quality service.

Homeowner Support Specialists: Your Single Point of Contact

2012-04-30T20:13:28Z

In August 2011, CitiMortgage launched the new Homeowner Support Team to provide a single point of contact for borrowers to work with throughout the foreclosure alternative process.

‪When a borrower contacts CitiMortgage for help to stay current on their mortgage, we immediately review potential options and connect the customer with a knowledgeable Homeowner Support Specialist who will work directly with the borrower via telephone and email. The Homeowner Support Specialist will work with the borrower from the initial review of the loan and up until the loan is brought current, either through payment or some type of foreclosure alternative.

‪After determining what foreclosure alternative program the borrower qualifies for, the Homeowner Support Specialist will reach out to the borrower to discuss details of the program and guide the borrower through the complex documentation process so that their account can be thoroughly reviewed for possible alternatives. In addition, the Homeowner Support Specialist will be the client advocate throughout the process, ensuring that the file moves through the process and gets a decision on the available program within a reasonable timeframe. Once the decision has been made, the Homeowner Support Specialist will communicate the decision to the borrower and then assist them until the program is completed. If the borrower does not qualify for the initial alternative, the Homeowner Support Specialist will continue to work with them to determine what option will best help them in their situation.

‪Throughout the entire process, the Homeowner Support Specialist will keep in close contact with the borrower to help answer any questions, discuss concerns, and provide regular updates.

If you contact the Homeowner Support Team and are unable to reach your assigned Homeowner Support Specialist, anyone who answers can act as a backup and help you as they are specialists as well. If you would like to speak directly with your specialist and that person is unavailable, you can set up an appointment at a time convenient for you and your Homeowner Support Specialist will call you back.

‪The CitiMortgage Homeowner Support Team is committed to delivering excellent customer service while also advocating for the best option available to the customer. Our goal is to help every borrower avoid foreclosure through a stress free foreclosure alternative process.

‪If you are in need of assistance with your mortgage or would like to find out what options are available, please call the CitiMortgage Homeowner Assistance team at (866) 272-4749.

We invite you to visit HomeownerSupport.com to start new discussions, ask questions, and connect with other homeowners who are going--or have gone--through the same challenges you may be facing.

CitiMortgage Launching Road to Recovery Events for 2012

2012-04-20T18:45:32Z

CitiMortgage's Road to Recovery homeowner assistance program kicks off its 2012 schedule on Tuesday, April 24 in Orlando, FL. Through this program, CitiMortgage borrowers are invited to meet with mortgage assistance experts in private, one-on-one consultations to discuss what options may be available to them. In 2011, CitiMortgage held 25 Road to Recovery events. Thirty-five events are planned for 2012. The schedule for the first 10 events is:

Click here to see a video about the Road to Recovery events.

Orlando, FL	April 24 (Tuesday)
Fort Lauderdale, FL	April 26 (Thursday)
Tampa, FL	May 01 (Tuesday)
Jacksonville, FL	May 03 (Thursday)
Cincinnati, OH	May 08 (Tuesday)
Columbus, OH	May 10 (Thursday)
San Diego, CA	May 16 (Wednesday)
Riverside, CA	May 22 (Tuesday)
Los Angeles, CA	May 24 (Thursday)
Cleveland, OH	May 31 (Thursday)

Location information for the first four events is below. We will provide updates when the schedule and exact locations for the other 25 events are set.

If you plan to attend, you can find more information on what to bring to the event, at www.citiroadtorecovery.com.

Orlando, FL

Tuesday, April 24, 2012

12:00PM - 7:00PM

DoubleTree Orlando Downtown

60 South Ivanhoe Boulevard

Orlando, FL 32804

Fort Lauderdale, FL

Thursday, April 26, 2012

12:00PM - 7:00PM

Sheraton Fort Lauderdale Airport & Cruise Port Hotel

1825 Griffin Road

Dania, FL 33004

Tampa, FL

Tuesday, May 01, 2012

12:00PM - 7:00PM

Renaissance Tampa International Plaza Hotel

4200 Jim Walter Boulevard

Tampa, FL33607

Jacksonville, FL

Thursday, May 03, 2012

12:00PM - 7:00PM

Omni Jacksonville Hotel

245 Water Street

Jacksonville, FL 32202

Cincinnati, OH

Tuesday, May 08, 2012

12:00PM - 7:00PM

Millennium Hotel Cincinnati

150 West Fifth Street

Cincinnati, OH 45202

Columbus, OH

Thursday, May 10, 2012

12:00PM - 7:00PM

Sheraton Columbus Hotel

75 East State Street

Columbus OH 43215

San Diego, CA

Wednesday, May 16, 2012

12:00PM - 7:00PM

San Diego Marriott Mission Valley

8757 Rio San Diego Drive

San Diego CA 92108

Riverside, CA

Tuesday, May 22, 2012

12:00PM - 7:00PM

Riverside Marriott

3400 Market Street

Grand Ballroom

Riverside CA 92501

Los Angeles, CA

Thursday, May 24, 2012

12:00PM - 7:00PM

Embassy Suites Los Angeles - Glendale

800 North Central Avenue

Glendale, CA 91203

Cleveland, OH

Thursday, May 31, 2012

12:00PM - 7:00PM

Embassy Suites Cleveland - Rockside

5800 Rockside Woods Boulevard

Independence, OH 44131

Thank you for visiting.

- Michael Montgomery, CitiMortgage

Email: homeownersupport@citi.com

Looking for your Form 1098 Year End Statement?

2012-02-20T06:14:15Z

CitiMortgage customers who paid interest on their mortgage loan during the 2011 tax year should have received a year-end statement, also known as IRS Form 1098 Mortgage Interest Statement, in their Mortgage Account Statement or in a separate mailing by January 31.

Customers who have registered for online account maintenance may also access their year end statement and information from the CitiMortgage website. Here's how:

1. Login to your account from the CitiMortgage website.

2. Once signed in, select the "view statements" link (illustrated below) found in the middle of the Home page.

3. From the Statements page, select the link for the "2011-Form 1098 (PDF)" from the center of the screen (illustrated below).

IMPORTANT: To download the file, you must use a left mouse click over the link. A right mouse click will not work.

If you do not receive your year-end statement, please contact us at 1-800-283-7918^†.

^†Calls are randomly monitored and recorded to ensure quality service.

Accelerating the repayment of your mortgage loan with additional principal payments

2012-02-13T15:17:15Z

If you've been thinking about accelerating the repayment of your mortgage loan, but aren't sure how to get started then this post is for you! The easiest way to payoff your mortgage faster is by making additional principal payments. This can be accomplished by sending in additional payments yourself or signing up for a service that does it for you, such as the BiWeekly Advantage Plan.

An additional principal payment is money you pay towards your principal balance that is above and beyond your regular monthly mortgage payment. Typically this payment can be made anytime, but for ease many people opt to make additional principal payments at the same time as their monthly mortgage payment.

To ensure the funds sent are applied to the principal balance, be sure to indicate how much you've sent and where those funds are to be applied. Your lender will not automatically know. This can be easily accomplished by indicating the extra payment on your lender supplied mortgage statement or payment coupon you send in with your monthly payment. If you make your payments online, there is most likely an option on the payment screen to indicate your additional principal payment. If not, contact your lender for instructions on how to make additional principal payments to ensure your payments are properly credited.

For Citi customers, who have registered for online account maintenance, principal payments can be made online by logging into your account from the CitiMortgage website. Once you have logged in, select make a payment. The Online Payment page will display. You can find the additional principal payment option under the "Step 2: Tell us how much you want to pay" section (illustrated below). Simply enter the amount of your additional principal payment and select submit.

Making additional principal payments can save you money and reduce the repayment term of your loan. The amount and frequency of your additional payments will impact how much is saved, but every extra payment you make towards the principal balance will make an impact. Be sure to contact your lender if you have any questions about making additional principal payments to your mortgage.

Mortgage Loan Servicers, Including CitiMortgage, Reach National Mortgage Settlement

2012-02-09T20:53:39Z

We want to share some information with you (that you may have heard about elsewhere) regarding the outcome the National Mortgage Settlement agreement reached by major mortgage loan servicers including CitiMortgage, Inc., Bank of America, JP Morgan/Chase, Wells Fargo, and Ally Financial.

CitiMortgage has agreed in principle to provide assistance to eligible homeowners. Through this agreement, assistance will be provided to homeowners in several ways to make loans more affordable and help keep people in their homes. The assistance will also be used to help homeowners who may choose to sell their properties. CitiMortgage will begin making assistance available in the coming weeks.

Please note: the consumer benefits will be available only from CitiMortgage if your mortgage is owned and serviced by us. If your mortgage is only serviced by CitiMortgage but is owned by another financial institution, unfortunately, you are ineligible for the consumer benefits available under this settlement agreement. Whether or not you are eligible for consumer benefits under the settlement, please contact us if you are suffering any hardship in paying your mortgage. We have many programs that may be able to help you. If you are serviced by CitiMortgage, please call 1-866-751-6911^†.

I'm sure you are wondering who might be eligible for this financial assistance. There are many specific eligibility guidelines. This is not a complete list, but in general, the settlement allows mortgage loan modifications or refinancing for homeowners who:

Have either a 1^st or 2^nd mortgage on a property that is occupied
Are "underwater", meaning they owe more than the current market value of the property
Have a mortgage owned and serviced by a participating servicer (e.g., CitiMortgage)

In March, CitiMortgage will be prepared to evaluate our customers for eligibility under the settlement programs. If you need more immediate assistance, we may be able to help you now. Please call 1-866-751-6911 or send an email to homeownersupport@citi.com.

We will also be adding a new forum category in the Homeowner Support Forums where you can go to start new discussions, ask questions, and connect with other homeowners who will be discussing these new programs.

Thank you,

Mike Cardace, Citi

www.homeownersupport.com

Email: homeownersupport@citi.com

^†Calls are randomly monitored and recorded to ensure quality service.

Mortgage relief for wounded warriors.

2012-01-26T07:33:48Z

At CitiMortgage, we're fighting for disabled veterans who have fought for us all. For those having difficulties making their mortgage payments--and don't qualify for other assistance--we've created the Citi® Disabled Veterans Mortgage Relief Program. For CitiMortgage customers, this special program reduces monthly mortgage payments for two full years by reducing the interest rate by up to 2.5%¹. Those who may qualify include military and Coast Guard veterans wounded, injured or otherwise disabled in the line of duty. Surviving spouses of military and Coast Guard personnel who died while on active duty may also qualify, if they're co-borrowers on the loan.

Our CEO, Sanjiv Das, sums it up best: "At CitiMortgage, we are committed to helping serve the needs of current and former members of the armed forces... We recognize that wounded or disabled veterans may be having financial difficulties in this challenging economic environment, and they warrant our heightened consideration."

This program is part of the Citi Homeowner Assistance Program. You don't have to be delinquent or facing default to participate. Even better, there are no special fees.

How the program works

Disabled vets are first evaluated to see if they qualify for a permanent mortgage modification. If not, they may be eligible for this special program. For an approved homeowner, the first step is for CitiMortgage to bring the loan current. We'll forgive past-due amounts and waive outstanding late fees. Then, we'll lower ongoing payments for two years by reducing the interest rate by up to 2.5%¹.

Getting started

Here are few things to know about the Citi® Disabled Veterans Mortgage Relief Program:

· Your loan must be a first mortgage owned by CitiMortgage on the principal residence.

· These loans DO NOT qualify: Federal Housing Administration (FHA), Veteran's Affairs (VA), Rural Development loans; and loans currently under the Servicemembers Civil Relief Act (SCRA) protection.

· You must provide your discharge documents and a letter from the Department of Veterans Affairs, confirming that you have a service-connected disability.

· You may qualify whether you're current or delinquent on your mortgage payments.

· You don't have to prove financial hardship to qualify.

· You'll need to sign the program agreement--and if you're currently delinquent--you'll need to make one reduced payment before you're enrolled in the program.

For more information, please call 1-800-283-7918^† or visit www.citimortgage.com.

^†Calls are randomly monitored and recorded to ensure quality service.

¹The lowest possible interest rate for this program is 2%.

Is HARP Right For You?

2012-01-19T16:23:08Z

HARP has been a lifeline for many homeowners underwater with their mortgages, making it possible to refinance at today's lower rates and reduce monthly payments. In November, the federal government revised HARP guidelines to make the program even more accessible and valuable to many homeowners. At Citi, we know that HARP guidelines can be confusing, so we're here to help. Is HARP right for you? Here's what you need to know.

The Home Affordable Refinance Program (HARP) was established in 2009 to help homeowners obtain mortgage refinancing if they might not qualify otherwise (due to declining home values, for example). Via HARP, homeowners can refinance into new, more stable and affordable mortgages.

Under old HARP guidelines, you could obtain a fixed rate mortgage for up to 125% of home value; under the new guidelines, this cap for fixed rate loans is lifted (in other words, there are no loan-to-value ratio or LTV limits for loans of 30 years or less). For adjustable rate loans, you can borrow up to 105% of home value. So you can improve your monthly cash flow, pay off your mortgage faster--and even have new confidence to buy a new home.

HARP works not only for primary residences, but also for second homes and investment properties--including condominiums. No private mortgage insurance (PMI) is required, if it wasn't necessary to obtain the original mortgage. And no income documentation is required to refinance.

Qualifying for HARP

There are several guidelines you need to meet, to be eligible for HARP. Here are the major highlights:

· Your loan must have been originated no later than May 31, 2009.

· It must be owned or guaranteed by Fannie Mae or Freddie Mac.

· The loan amount can't exceed the conforming loan limits, as established by Fannie and Freddie, for the area where your home is located.

· Your loan must be current--with no late payments in the past 12 months.

· Your property can't have been refinanced before under HARP.

It's important to understand that these guidelines are set by Fannie and Freddie, not the mortgage servicers. Servicers like Citi can facilitate these programs on behalf of homeowners, but they don't establish the qualifying parameters for the program.

If you're interested in HARP and believe you might qualify, ask your mortgage company to find out for sure. Citi customers can call-toll-free 1-800-248-4638^† or visit www.citimortgage.com. With today's mortgage rates at their lowest levels in decades, now's a great time to refinance. And if that wasn't an option for you before, the 'new and improved' HARP may be the answer. Ask your mortgage company for details.

^†Calls are randomly monitored and recorded to ensure quality service.