Citi’s correspondent lending division, which produced $58.5 billion in mortgages last year and probably had a hand in the $28 billion in losses last year, recently sent out a letter to clients notifying them that the unit is shutting down their well oiled machine for two weeks to look into some mortgage applications that didn’t meet their lofty quality control standards.
According to the June 22 letter, the review identified “valuation concerns” where “appraisal documentation is missing or incomplete,” or where property-assessment methods were “insufficient/lacking.”
Other missing information included employment confirmations, phone numbers, credit reports and rent verification, the letter said. The review also found “income calculation errors.”
Citigroup Halts Some Mortgage Applications, Cites Missing Data [Bloomberg]
Let’s just say these will not be the people getting raises this fall…
The Citi guys must have thought that “government stuff” didn’t apply to them.
So much for “Enter The Ninja-Loan.”
It seems as if there is a division at Citi conducting experiments in time travel. Must have set the dial for 2006, and not 2106 for the date that they repay TARP. Time to recalibrate the flux capacitor.
SC’s Gov. Sanford’s staff might make better liar loan employees for Citi after recent event spinning.
I bet they would have performed better if they had some of the scrumptious hot dogs at the 388 cafeteria.
Mmmm,mmmm. Nothin’ I love more than a tray full of meat filled intestinal casings. My favorite is when I bite into a piece of gristle or bone. I park it in the side of my mouth and play with it for a bit before slurping it down with a perfectly chilled grape soda.
Bank of amercia
Liar loan division
Announces
No
Unusual
Service reports
@4- did you wander over here from fark.com?
@6 – Are you SPODE’s evil twin?
“income calculation errors” – all income based ratios returned #DIV/0! – weird..
@4
you must bw a quant with a spock poster in his cubicle
@10 – not weird. At that point they just hardcoded the “right” percentage and all was merry in their little upside-down world.
@12
thats exactly what i do to the IRR’s in my lbo shell – never had any complaints
PEB
@8 & 11
yeah sorry i just noticed where i was. had to switch my coke bottle glasses out for my readers, and readjust my pocket protector. Maybe I should get one of those prescription monitor covers.
4
@TaxChick/13
And that’s what S&P/Moody’s/Bitch/etc did, and still appear to be doing, just make sure its black font and no one will be the wiser
Anal – Now you tell me. Black font! Du’oh!
Appraisal and income docs just take up space in the file. Just think how much they save on storage