CitiMortgage Accepting New Correspondent 'Registrations'

After putting its residential correspondent loan purchase program on hold in late June, CitiMortgage has begun accepting new correspondent registrations from what it calls "select, qualified" mortgage banking customers. The bank owned mortgage firm offered few details accept to say that it will phase in remaining correspondents over the next several weeks. CitiMortgage — which declined to say how many active correspondents it had prior to the shutdown — stopped buying loans so it could work on improving its quality control procedures. Registrations for correspondent transactions began anew on Monday, July 6. Last year CitiMortgage scaled back its wholesale production by roughly 90%. According to the Quarterly Data Report, the company ranked fourth nationwide among correspondent buyers in 1Q.