CitiMortgage Inc., the mortgage unit of Citigroup Inc., announced Wednesday that it had purchased what is left of iOwn.com, a struggling online lender that ceased most operations last summer.
Financial details of the deal were not disclosed. CitiMortgage said it would use the acquisition would expand its online operations.
iOwn's chief executive, Edward P. Hoyt, Wednesday said the company had sold its Web site and associated technology and equipment. "I'm delighted," he said. "Citi is a tremendous institution."
He said the early pioneers in this business didn't have the resources to see their plans through to fruition. "I'll be delighted to see it live on under Citi's stewardship," he added.
Though iOwn fired more than 100 employees in August and ceased its direct lending operations, Mr. Hoyt continued the company as a broker referral service while selling off pieces of the company.
Ellie Mae purchased iOwn's mortgage origination technology, Genesis 2000, in October, and just last week HomeGain acquired iOwn.com's HomeScout business, an online property listing service.
