Items Tagged with 'Citibank'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • Report: Citigroup forgot to send 23,000 settlement checks

    Still owes $20 million as part of Independent Foreclosure Review
    According to a report from Bloomberg, Citigroup did not send settlement checks to approximately 23,000 borrowers who are eligible for payment under the Independent Foreclosure Review and is now preparing to mail out $20 million worth of checks to those borrowers.
    Read More
  • Military members to receive $123 million for unlawful foreclosures

    Relief is part of National Mortgage Settlement
    According to the U.S. Department of Justice, Bank of America, JPMorgan Chase, Citi, Wells Fargo and GMAC Mortgage will send payments to 952 service members and their co-borrowers for conducting non-judicial foreclosures conducted in violation of the Servicemembers Civil Relief Act.
    Read More