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  • Freedom Mortgage to acquire RoundPoint Mortgage Servicing

    Freedom Mortgage and RoundPoint Mortgage Servicing are planning to merge, the companies announced Friday. The deal will make RoundPoint a wholly owned subsidiary of Freedom and boost its servicing portfolio to more than $300 billion. Click the headline to read more.

Articles Tagged with ''Citibank''

The biggest earners in finance don't work at banks

This is who's really raking in the big bucks
In the world of finance, you might think it's the bankers who are making money hand over fist, but apparently, that's no longer the case. Now, professionals working in real estate are the ones who are raking in the big bucks, as REITs posted some of the highest median pay figures for employees. Here's how much employees make at companies in the mortgage sector.
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World's biggest banks rated on gender pay equality, here's how they fared

This bank was the only one among 46 companies to nab an A rating
Gender pay equality has been a hot topic in recent years as a clear and persistent gender gap in compensation has come to light across industries. Now, two companies are taking steps to hold large corporations accountable, publishing a Gender Pay Scorecard that ranks 46 of the world's largest companies based on pay equity. Companies operating in the mortgage space were among them and – with one notable exception – they didn't fare so well.
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Federal Reserve fines Citigroup $8.6 million for mortgage document issues

Employees allegedly signed documents without knowing what was in them
A major U.S. bank is being fined over sloppy mortgage documentation practices and no, it’s not Wells Fargo. The Federal Reserve announced Friday that it fined CitiGroup $8.6 million over the “deficient execution and notarization of certain mortgage-related affidavits” by its subsidiary CitiFinancial.
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Citibank mortgage originations down 16%

Despite a 13% QoQ increase in originations, the bank is down 16% YoY
Citibank’s latest earnings release reveals that despite an overall uptick in retail banking, its mortgage originations took a 16% tumble year-over-year in the second quarter. This news comes after the bank’s posturing to re-enter the mortgage space earlier this year with the adoption of a new digital mortgage origination platform through Digital Risk and Black Knight.
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Citi appoints new mortgage leadership team

Promotes three of its own into new roles
Earlier this year, Citigroup revealed that it was looking for a new person to run its U.S. mortgage business as the bank signaled it was moving back into mortgages. That move, and others, were seen as an indication that Citi may be moving back into the mortgage business, and now, the bank has identified the team that will lead its mortgage resurgence.
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Citi posts job to run its U.S. mortgage operation

Job responsibilities include “successful completion of mortgage transformation”
Citigroup has been going through a significant shift in its mortgage business over the last few years, including moving completely away from mortgage servicing and scaling back its lending operation as well. And now, the bank is looking for a new leader of its U.S. mortgage business.
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CitiMortgage launches single digital origination platform

Signs agreements with Digital Risk, Black Knight
Citibank announced Monday agreements with two digital technology platforms to offer its new single digital platform for its clients. The new digital capabilities will allow CitiMortgage clients to complete the full loan cycle, from research to application, processing, scheduling appraisals, handing title, to closing through one digital platform.
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Wells Fargo, Citi, Chase results show 2017 will be a down year for big bank mortgages

A deep dive into the mortgage business at the big banks
Market observers were already predicting that 2017 would be a rough year for mortgages, at least compared to 2016. So it shouldn't come as a surprise that when Wells Fargo, Citigroup, and JPMorgan Chase reported their financial results for the first half of the year mortgages were not a significant driver of revenue. But a deeper dive into the big banks’ results shows 2017 will not be kind to mortgages, for the big banks at least.
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Here's how and why CitiMortgage is leaving mortgage servicing

A deeper dive into a complex deal
CitiMortgage surprised few in the housing business on Monday when it announced that it agreed to a massive mortgage servicing rights deal with New Residential Investment and Nationstar Mortgage. As it often is with deals of this type, the devil is in the details. And one of the details of this deal is that the MSR sale is a precursor to CitiMortgage completely exiting the mortgage servicing business. Here’s a breakdown of how the deal works, and why Citi plans to leave mortgage servicing behind.
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