Cenlar FSB, a New Jersey-based company that services loans, plans to add 500 jobs in O’Fallon, Missouri, as a result of a shift in strategy by banking giant Citigroup.
Citi, which has its CitiMortgage unit based in O’Fallon, last year started to focus more on originating mortgages than on servicing them. Cenlar is effectively taking over the servicing business from Citi.
Citi has about 3,800 employees in O’Fallon, making it one of the largest employers in St. Charles County.
Cenlar can receive up to $7.05 million in incentives through a pair of state incentive programs, according to a state spokeswoman.
Read more: St. Louis Post-Dispatch