CitiMortgage and Keller Williams Realty have entered into a marketing agreement in which the lender will waive preapproval fees for Keller Williams clients, provide a $1,500 on-time closing guarantee, and charge reduced fees on jumbo loans, the companies said.
The CitiMortgage relationships will be locally-driven at the "market center," or office level. Individual Keller Williams offices will have the option of having an in-house mortgage representative, and CitiMortgage will provide "a dedicated support and fulfillment team" for Keller Williams agents and their clients.
CitiMortgage, which sponsored of educational tours Keller Williams recently conducted at the regional level, will also have the opportunity to advertise at Keller Williams conventions, on the company’s websites, and in its publications.
"CitiMortgage was looking for a national realtor partner and after reviewing Keller Williams business model and culture, we realized this was a perfect fit for both companies," said Fred Bolstad, managing director of National Sales for CitiMortgage, in a statement. "CitiMortgage can provide the strong training and tools their agents need to succeed."
CitiMortgage promises Keller Williams agents that its "SureStart" preapproval process will verify the credit and income of would-be buyers. The lender says it provides clients with an exact amount they qualify for, so agents will know "exactly which price range of homes to show them."
CitiMortgage also promises to close by the date specified in the client’s purchase contract, as long as the date is at least 30 days after the loan application date and the date of the purchase contract. If the loan fails to close on time because of a delay by CitiMortgage, clients will receive a $1,500 credit toward their closing costs.
The closing guarantee offer is not available for refinance loans, co-ops, unapproved condos, residences under construction, community lending loans, and government loans, CitiMortgage says.
The lender entered into a similar marketing agreement with Foxtons in 2006, in which Foxtons agents provided information about CitiMortgage products and services to clients, and the company’s logo appeared on Foxtons’ fleet of branded Mini Coopers and a glossy magazine mailed to more than 1 million homeowners.