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Citigroup to Exit U.S. Mortgage Servicing Operations
Following the $28.8 million fine levied against Citigroup Inc.’s mortgage groups (including CitiMortgage), the financial institution announced it would exist U.S. mortgage servicing operations by the end of 2018.
The lender plans to sell mortgage servicing rights on about 780,000 Fannie Mae and Freddie Mac loans of non-Citi retail customers to New Residential Mortgage LLC. The remainder will be transferred to Cenlar FSB in 2018.
The move is geared toward helping the company focus more on mortgage origination, while simplifying CitiMortgage’s operations, reducing expenses and improving returns, according to the lender.
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