Times, they are a changin' in the California mortgage business.
Last week we had Bank of America notify 7,000 mortgage brokers that their services will no longer be needed after New Years Eve, only to have Citi take it one step further on Halloween and tell California home buyers, "Thanks, but no thanks".
As of October 31, 2007, Citi is out of the purchase money lending biz in California. Clearly they think the ghosts and goblins that are haunting the real estate market are staying awhile longer.
Citi Home Equity
Urgent Policy Notification:
California Purchase Money Business
Effective Wednesday, October 31st 2007 Citi Home Equity will discontinue lending on all Purchase Money transactions for properties in California.
Impact to pipeline applications:
- California Purchase Money applications that have received Conditional Approval or Final Approval will be honored
- California Purchase Money applications that have not received any level of approval and are in process will be declined.
- Operations will actively work the list of impacted applications
All other policies will continue to apply.
Note: Until our website is updated, brokers will have the ability to submit applications for Purchase Money transactions in California. These applications will be declined.
This Policy only affects applications where the subject property state is California.
So what's it mean if a lender doesn't want your business at any price?
Feel free to search all San Diego homes for sale throughout the county.