Citi Halts Applications

That’s right, for about 8 days.  I received the communication on Monday evening and it sure didn’t mention the reasons for it that are stated below.

“Citigroup Inc. has halted mortgage applications at a unit that accounted for half the company’s residential loans last year after a review found that some appraisals and income-verification documents were missing, Bloomberg reported Wednesday. The report cited a Citi letter to clients saying the division ceased taking new loans on Tuesday and will restart in early July. Citi will use the period to change procedures and fix the omissions, Bloomberg reported.”

http://www.marketwatch.com/story/citi-unit-suspends-mortgage-applications-report?siteid=rss