Citi Financial shuts doors to brokers!

Here is the note that I received from Citi Financial a few hours ago. What this basically means is that there are fewer and fewer choices for consumers and brokers alike. So right now if you have less than perfect credit your options are Wells Fargo or a private lender. Let’s hope that Wells sticks it out.

Cheers,

Pat

November 4, 2008

RE:         Broker Agreement with CitiFinancial Canada, Inc.

CitiFinancial Canada, Inc. has taken the decision to exit its broker referral business.  As such, we are hereby providing you written notice of termination of the aforementioned agreement (the “Agreement”), effective immediately.

Please be advised that we will honour any pending mortgage transactions in respect of which we have provided a signed commitment to your office, provided that we receive any outstanding documentation and are able to close the transaction on or before December 3, 2008.  

We will be in contact with you or your designee to discuss and finalize the following:

(1)     Return and/or destruction of information or materials that are confidential or proprietary to CitiFinancial Canada, Inc., if any is in your possession; and

(2)     Return and/or destruction of information or materials that are confidential or proprietary to Broker, if any is in our possession.

Please note that any provision in the Agreement, which by its sense and context is meant to survive expiration or termination of the Agreement, including, but not limited to, covenants, and all confidentiality and indemnification provisions, shall survive this termination.

We thank you for your consideration herein; it has been a pleasure working with you.

Sincerely,

_______________________

MARY BABICH

Senior Director, Operations

CitiFinancial Canada, Inc.