Citi Ends 2nd-Lien/HEL Correspondent Program

CitiMortgage, St. Louis, ended its correspondent program for prime second lien/home equity loans on Nov. 2, according to a company bulletin.The company said it would be requiring all locked loans in the pipeline to be purchased no later than Dec. 31 of this year. Citi said the decision to end the program reflected its efforts to "monitor the market" and focus on "products and programs appropriate for the market." The company said it is "not moving away from the overall mortgage market" and is making "fluid decisions in the current environment to leverage the products that will allow us to continue to grow our business."