Citigroup Inc. suspended loan applications at a unit that produced half of its $115bn in mortgages last year after a review found that some property appraisals and income-verification documents were missing.

The correspondent division, which buys loans from banks and independent mortgage firms, stopped accepting new loans at 5pm yesterday and will restart 6 July, Citigroup said in a 22 June letter to clients. The New York-based company said it will use the time to change procedures and fix the omissions.