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Loan Modification

: Mortgage Lender Implode-o-Meter

Citigroup Halts Some Mortgage Applications, Cites Missing Data

By Implode-Explode Heavy Industries

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Citigroup Inc. suspended loan applications at a unit that produced half of its $115 billion in mortgages last year after a review found that some property appraisals and income-verification documents were missing."

The correspondent division, which buys loans from banks and independent mortgage firms, stopped accepting new loans at 5 p.m. yesterday and will restart July 6, Citigroup said in a June 22 letter to clients. The New York-based company said it will use the time to change procedures and fix the omissions.

Full post as published by Mortgage Lender Implode-o-Meter on June 24, 2009 (boomark / email).

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