In a press release that was sent out this morning by CitiMortgage, a subsidiary of CitiBank N.A., it was announced that they had executed a subservicing agreement with Cenlar to subservice their mortgage loan portfolio as a component of a broader strategic approach to their mortgage lending business. We are advising you of this because of the visibility of this transaction and their established presence in the market. We want to assure you this transaction will have no impact on our relationship with our current clients, and that your business will continue to be of primary importance to us. Our commitment to providing the highest level of service to you and your borrowers, to delivering innovation in our products and services, and to our personal investment in your success as your partner will not change.
This arrangement is the end result of more than a year and a half of extensive work effort and planning. We have expanded our physical capacity, and have hired key staff in anticipation of this new relationship with CitiMortgage.
This relationship will be implemented over the next two years. The CitiMortgage portfolio of loans that we will be subservicing will be transferred in multiple conversions starting in Q1 of 2018 and ending by Q1 of 2019.
We anticipate that this new business arrangement will be entirely seamless. Our goal is to continue to deliver the very highest standards and best customer experiences in the business. Please feel free to contact your Relationship Manager or myself if you have any questions.
Best regards, Greg Tornquist Chairman of the Board President & CEO Cenlar FSB