Subservicing, Non-QM Products; Agencies Active in Capital Markets
Posted To: Pipeline PressDon’t think that correct mortgage documentation is important? Think again, or ask Citigroup. The Federal Reserve said Friday it had fined Citigroup $8.6 million over poor quality mortgage documentation practices at its CitiFinancial subsidiary in 2015. The Fed Citi mishandled customer files as it was preparing to wind down its mortgage servicing business, doing so in 2017. But there is good news! The Fed said that the problem was corrected, and the Fed is terminating a separate 2011 enforcement action against Citigroup on a separate residential mortgage loan servicing matter, citing sustainable improvements by the bank. Dot those i’s and cross those t’s! Capital Markets The various high-ranking officials within the Federal Reserve know just as much about the direction of the…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.