Citibank

January 30, 2017 Comments Off on Citigroup to Exit U.S. Mortgage Servicing Operations Views: 619 National News, Top National Stories

Citigroup to Exit U.S. Mortgage Servicing Operations

Following the $28.8 million fine levied against Citigroup Inc.’s mortgage groups (including CitiMortgage), the financial institution announced it would exist U.S. mortgage servicing operations by the end of 2018.

The lender plans to sell mortgage servicing rights on about 780,000 Fannie Mae and Freddie Mac loans of non-Citi retail customers to New Residential Mortgage LLC. The remainder will be transferred to Cenlar FSB in 2018.

The move is geared toward helping the company focus more on mortgage origination, while simplifying CitiMortgage’s operations, reducing expenses and improving returns, according to the lender.

Read More at Reuters

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.