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| Citi Correspondent Re-Activated
Quality control issues resolved
July 8, 2009
By MortgageDaily.com staff
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After re-engineering its quality control procedures, CitiMortgage Inc. has resumed limited correspondent operations.
The O'Fallon, Mo.-based company suspended new correspondent registrations on June 23. A number of quality control issues were cited in a letter to its customers -- including appraisal documentation, HUD-1 closing statements and other verifications.
The Citigroup Inc. subsidiary has tightened its procedures and resumed correspondent business.
"We have re-engineered quality controls in our correspondent mortgage business and have begun taking registrations from select, qualified customers beginning on July 6," a statement Tuesday from spokesman Mark Rodgers said.
Rodgers declined to provide details about correspondent volume.
"We will phase in remaining customers over the next several weeks as we test and fine tune these processes," he added.
Related:
Citi Suspends Correspondent
Citigroup's mortgage subsidiary has suspended new correspondent business while it overhauls the unit's quality control procedures.
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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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