Citi has announced that they will be reactivating it's correspondent lending channel. They had frozen that channel last year over quality control issues. They apparently have fixed the underlying issues and are going phase lenders back into this channel. Good news for lenders that had lost that sales channel last summer.
Citi correspondent had done almost 115 billion in 2008. It's a glimmer of hope for some of the smaller mortgage banks that have taken some big hits over the last year. It will be interesting to see what effect Citi's move will have on other players like GMAC, Suntrust, Franklin American, Etc.
No comments:
Post a Comment