MortgageDaily.com has obtained a copy of the list of originators who CitiMortgage Inc. will not buy loans from. More than half of those listed were in just four states.
The list includes 840 brokers, correspondents and loan originators who cannot have anything to do with loans funded or purchased by CitiMortgage.
“Beginning with the Oct. 15, 2009, publication of the Ineligible Originator list, we will refuse for purchase and return to you any loan originated by an Ineligible Originator,” CitiMortgage said in a bulletin to its correspondent customers.
In Florida, the lender listed 147 originators — more than any other state.
California was next, with 117 originators listed.
Georgia was the only other state where more than 100 originators were listed: 107.
CitiMortgage listed 55 originators in Illinois, 49 in Ohio, 47 in Michigan, 43 in New York, 36 in Texas and 26 in Indiana.
Just 16 Pennsylvania originators were on the list, which will be regularly updated by the lender.
Citi Publishing Ineligible Originator List
CitiMortgage Inc. is blacklisting mortgage brokers and mortgage banking correspondents.