Citimortgage Correspondent (2nds) - Correspondent 2nd Mortgages

"According to our sources, Citimortgage will announce later today Correspondent Lending Second Mortgages going away."

This was the headline we published in our Premium Members Newsletter on October 31, 2007. This is now confirmed on their web site.

From a tip:

"You will receive official notice, however due to the short window I wanted to give you a heads up. Please make sure any seconds that you are working on or are in your pipeline are locked by tommorrow - November 1 2007... These seconds must be purchased by Citimortgage by December 31, 2007. "

We called the party who put out this email, and he confirmed he worked for Citimortgage. He asked us to call the Head office saying he 'did not feel comfortable discussing it outside of his client base."

After reciting the information we were aware of, Citimortgage confirmed by telephone an announcement on this subject "will go out to all branches and concerned parties this afternoon" (10-31-07) and they in turn would notify their business partners by the end of the day.

We are attempting to gather additional information regarding their loan volume, and if there have been any layoffs planned. Should you have any such data, or wish to comment on this article, please contact us.