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Here’s how and why CitiMortgage is leaving mortgage servicing

Livinglies's Weblog

Editor’s Note:  CitiMortgage is the 6th largest loan servicer in the United States.  Citi is now exiting the lucrative industry of mortgage servicing and foreclosing on loans it doesn’t own.  Citi was fined $28.8 million dollars last week for servicing improprieties.  By selling the servicing rights to these loans, CitiMortgage creates another layer of confusion and further distances them from their fraudulent scheme.  Stay tuned for further developments.

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 that will transfer the servicing rights for approximately 780,000 mortgages away from CitiMortgage.

As it often is with deals of this type, the devil is in the details.

And one of the details of this deal is the MSR sale…

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