Are More ‘Exclusionary’ Lists Out There?

Yesterday National Mortgages News Online reported that CitiMortgage has an “exclusionary” list of correspondents sellers that it will no longer do business with. This story -- and one we published two months ago about an exclusionary list at Wells Fargo -- garnered a large amount of readership. But now we’re told (but unconfirmed) that many large buyers of closed mortgages (correspondent purchasers, that is) have similar lists, though they may call it something else. One small correspondent relayed this piece of intelligence to us: “I wonder if every big bank has some sort of exclusionary list.  I got concerned with Wells because one of my favorites investors sells to them. They weren’t on the list but had also seen the list.  I heard a big Denver correspondent was on it, but nothing local ever came out in print.  No shocker there.  That’s too complicated for a local newspaper to write about.”