CitiFinancial to pay $1.25m for failure to disclose mortgage data
CitiFinancial, the Balitmore-based consumer mortgage arm of Citigroup, has agreed to pay $1.25m to 35-states -- including New Jersey -- for failure to report 91,127 residential mortgage loans to regulators from 2004 to 2007, according to a release. The New Jersey Department of Banking and Insurance will take about a $47,000 cut of the settlement. CitiFinancial failed to disclose information about 2,700 mortgages in the state. "Today's voluntary agreement will ensure that CitiFinancial puts in place the systems, training, oversight, and controls necessary to avoid a similar occurrence in the future," said Tom Considine, the Department of Banking and Insurance Commissioner, in a statement.