Citi Mortgage

Short Sale Telephone: 866-520-5499   |   Short Sale Fax: 866-641-4350   |   Short Sale Email:

Note: All assigned parties at Citi can provide an email address for quick document collection

Required for Initiation

Manually fax and email a complete short sale package to Citi.

To initiate the process, submit:

  1. PSA
  2. HUD
  3. Buyer Pre-Approval/Buyer Proof of Funds
  4. Borrower financial information (see Doc Pac)
  5. Listing Agreement
  6. 4506T Form
  7. MLS Sheet
  8. Citi Mortgage Short Sale Financial Package

The Process

Citi negotiates with three structure phases: Processing, Negotiation and Closing.

Processors: Collect additional documents, request document corrections, order appraisal, complete the file

Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements

Closers: Issue final HUD approval at the close of the transaction

Citi also assigns Customer Relationship Managers who stay with the file through closing.

Timeline for Approval

  1. Manually fax and email the short sale package, wait for the lender to upload the documents (3-5 days)
    1. Note: Call after 48 hours to confirm receipt
  2. Processor is assigned and reviews for corrections/additional document requests, orders BPO (7-10 days)
  3. Negotiator reviews and responds to offer (5-15 days)
  4. Negotiator submits offer for approval to investor (5-7 days)
  5. Investor reviews and issues approval (5-7 days)

Four Lender Specific Tips

  1. Communicate primarily via email with your assigned parties: Unlike other lenders, all assigned parties communicate through email; request an email address initially for faster communication.
  2. Submit a complete Citi financial package with every submission: Citi requires a complete lender-specific financial package. Form 710 will be rejected. Submit the correct financial document at the outset of the process to save time.
  3. Provide the BPO Contact information to the Customer Relationship Manager: As soon as a CRM is assigned, provide them the correct BPO contact information so they can order the BPO as fast as possible.
  4. Leave voicemails: Assigned parties will call you back if you leave a voicemail.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Lender Specific Documents

Lender Escalation Procedure

Compared to other lenders, escalations will likely not be necessary with Citi.

If a file hasn’t been notated or moved in 10-days:

  1. Send one email to your Processor, Negotiator and CRM asking for an update
    1. Use asterisks in the subject line: ***Need Status Update***
  2. Wait 48 hours
  3. If no response, call and request to speak to a supervisor
  4. Call every other day until you receive a response

Closing Process

  1. Send final HUD for approval: Citi Mortgage requires the HUD-1 Settlement Statement be submitted for approval 48 hours prior to closing.
    1. Send the HUD via email to the negotiator listed on the approval letter.
  2. Sign and Return Final Closing Materials: Citi Mortgage provides closing instructions and additional documents for signature with the approval letter.
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Approval Letter, Insurance paperwork etc.
    2. Send documents via email to the negotiator listed on the approval letter.
  3. Processing Tips:
    1. Include loan number and seller in the subject line of all email correspondence
    2. Include a forwarding address for the seller

Approval Extensions

To request an extension of an approval:

  1. Reach out to your contact listed on the approval letter via phone to make request
  2. Fax request in writing to: 866-641-4350
  3. Call and email to follow-up daily
  4. Citi only issues approval letter extensions via regular mail, you can receive verbal confirmation of the approval extension date, but it typically takes a week.