Pricing exceptions are widespread in mortgage — and so are the regulatory risks

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Citigroup

Citigroup Inc., or Citi, is an American multinational investment bank and financial services corporation headquartered in New York City. Citi has over 200 million customer accounts and serves clients around the globe. It offers deposits and loans (mainly through Citibank), investment banking, brokerage, wealth management, and other financial services.

The company is led by chief executive officer Jane Fraser, who was appointed into the role in March 2021 following the retirement of former Citi CEO Michael Corbat. Fraser is the first female CEO of a major U.S. bank. She previously ran Citi’s mortgage business at a time of heightened government scrutiny of banks’ mortgage practices following the financial crisis.

Specifically in mortgages, Citi ranked as the 22nd largest retail lender in the nation by volume in the third quarter of 2021. It also ranked as the country’s No. 23 correspondent lender. In 2017, Citi made the decision to leave mortgage servicing, entering into a sub-servicing agreement with Cenlar.

In October 2021, Citi became the first Wall Street bank to agree to do a deep dive into its business to see if, and how, it contributes to racial discrimination. According to the company, the audit centered on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S.

3d rendering of a row of luxury townhouses along a street

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