CitiMortgage Promotes Energy Efficient Mortgages and Offers Savings on Closing Costs

CitiMortgage announced today a new program to promote its Energy Efficient Mortgages with a $1,000 special credit on closing costs for these types of loans through the end of the year. This ‘green’ offering from CitiMortgage will be offered for fixed-rate first mortgages with 10 to 30 year terms. The Energy Efficient Mortgage makes underwriting allowances by permitting the savings from the cost of energy improvements and/or residential energy efficiency tax credit to be added to the borrower’s qualifying "other income” for loan approval. "At CitiMortgage, we are always looking for innovative ways to provide additional value for our customers,” said Bill Beckmann, President and COO of CitiMortgage. "We believe customers who want to live in more energy efficient homes will appreciate these loans and the special $1,000 closing credit offer. It’s a good program for customers; it’s good for the environment; and it’s good for Citi in our efforts to support conservation and other ‘green’ endeavors,” Mr. Beckmann added. As part of its ongoing commitment to communities, Citi is aiming to help make a beneficial difference in the environment. This year, the company announced it will direct $50 billion over the next 10 years to address global climate change through investments, financings and related activities to support the commercialization and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. For the Energy Efficient Mortgage, a third-party must verify that the property, whether newly constructed or already existing, is energy efficient. An Energy Rater accredited under the National Energy Rater and Certifying Standard, as adopted by the Residential Energy Services Network (RESNET), must make the determination that the property is energy efficient. The property must be rated as "energy efficient” under RESNET’s Mortgage Industry National Accreditation Procedures for Home Energy Rating Systems. These loans will be available through CitiMortgage's retail channel and to Citi employees. Additionally, consumers may inquire about these loans through CitiMortgage's partners, which include Citibank Financial Centers and Citi Smith Barney. Also, the borrower’s contribution to the down payment, closing costs and/or prepaid items may be funded by energy efficiency rebates from a government agency, utility or manufacturer. These mortgages are available for construction loans, property purchase or rate refinance loans. For more information about energy efficiency accreditation, please visit http://www.natresnet.org. For more information about the loan offers, please go to www.citimortgage.com or call 1-800-Mortgage. Citi CitiMortgage is a member of Citi, the leading global financial services company, which has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com. CitiMortgage is an equal housing lender.