Items Tagged with 'Citi'

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  • Citi enters non-Qualified Mortgage market

    Issues first non-QM mortgage backed security
    Citigroup Global Markets Realty is entering the non-Qualified Mortgage space by issuing its first non-QM mortgage backed security. The company issued its first deal at $362.58 million worth of loans originated by Impac Mortgage Holdings. The group is acquiring non-QM loans from lenders to re-sell in the secondary market, according to a report from DBRS, a credit reporting agency.
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  • iBuyer Offerpad's latest funding round brings total capital raise to nearly $1 billion

    Arizona-based company lays major plans for growth
    Offerpad is on a mission to revolutionize the home-buying and selling process, and now the Arizona-based iBuyer has fistfuls of cash to realize that goal. The company recently announced that it closed a successful round of Series C financing, bringing the total amount of equity and debt capital it has raised since its launch 3.5 years ago to $975 million.
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  • Citibank to pay $25 million for violating the Fair Housing Act

    OCC fines bank $25 million as Citi shells out $24 million in reparation to customers
    Citibank will pay a fine of $25 million for violating the Fair Housing Act, the Office of the Comptroller of the Currency announced Tuesday. According to the OCC, an investigation showed that Citibank did not equally offer certain mortgage discounts to all Citi customers, thereby "adversely" affecting some customers based on their "race, color, national origin, or sex."
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  • BMO Harris confirms face-to-face mortgage employee layoffs

    The bank is consolidating behind a call-center strategy, could eliminate 170 jobs
    BMO Harris recently confirmed that it is indeed cutting back its face-to-face mortgage operations with a round of layoffs. According to The Chicago Tribune, the company still won’t put a number on the amount of jobs it will eliminate but the Milwaukee Journal Sentinel said it could be 170 jobs based on an internal document it reviewed when the news of the cuts first broke.
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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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  • 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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