Citi Eyes Mortgage Tech in Push to Close Racial Wealth Gap (1)

Citigroup Inc. said it will invest in digital mortgage offerings as part of its pledge to improve homeownership rates among communities of color.

The push to digital comes as Citigroup said the rate of applications and originations it processed for Black and Hispanic consumers dropped last year, even as it increased for Asian homeowners. In response, the firm is also still planning to expand its community lending team and its network of correspondent lenders, it said.

The firm’s pledge to increase homeownership among Black Americans is part of a broader three-year, $1 billion initiative it announced last year to help ...