Thrifts and Mortgage Finance
Company Overview of CitiMortgage, Inc.
CitiMortgage, Inc. provides mortgage products. The company offers a portfolio of financial services, including banking, insurance, asset management, credit cards, and more; and homeowner support services. It assists first-time homebuyers, those interested in building new homes, and those refinancing or tapping into the equity built up in an existing home. The company also specializes in matching products that fit the unique needs of customers. CitiMortgage, Inc. was formerly known as CitiCorp Mortgage, Inc. and changed its name to CitiMortgage, Inc. in April 2000. The company was founded in 1979 and is headquartered in Urbandale, Iowa. CitiMortgage, Inc. operates as a subsidiary of Citibank,...
4740 121st Street
Urbandale, IA 63368-2240
Founded in 1979
Key Executives for CitiMortgage, Inc.
Managing Director of Correspondent Lending Division
National Sales Director of Correspondent Lending
Compensation as of Fiscal Year 2016.
CitiMortgage, Inc. Key Developments
Citigroup Inc.'s Mortgage Units Fined USD 28.8 Million for Harm to Home Borrowers
Jan 23 17
The U.S. consumer finance regulator said that Citigroup Inc. mortgage units have been fined USD 28.8 million for keeping home borrowers in the dark about options to avoid foreclosure and making it difficult for them to apply for relief. CitiMortgage will pay an estimated USD 17 million to compensate wronged consumers, as well as a civil penalty of USD 3 million, the Consumer Financial Protection Bureau said. CitiFinancial Services will refund approximately USD 4.4 million to consumers, and pay a civil penalty of USD 4.4 million. The CFPB said the subsidiaries neither admitted nor denied the findings in the consent orders. The penalties come less than a week after the CFPB, a federal watchdog for protecting individuals against fraud in lending, sued Navient Corp, for similarly confusing its customers over options with their loans. As part of the agreement CitiMortgage, which services the loans for Citibank and government-sponsored entities such as Fannie Mae and Freddie Mac, must freeze all foreclosure-related activity that is connected to the flawed process for applying for relief where the borrower never received a decision on granting relief. The CFPB said the servicer sent letters to about 41,000 borrowers in 2014 requesting unnecessary documents, and it is this group who will receive the USD 17 million. According to the CFPB when borrowers applied to it for foreclosure relief CitiMortgage demanded ‘dozens of documents and forms that had no bearing on the application or that the consumer had already provided.’ Many were actually not needed to complete the application, the CFPB added. CitiFinancial, meanwhile, must improve disclosure on deferments and stop sending credit raters ‘bad information’ that settle accounts were ‘charged off’ - an indication that the borrower was delinquent.
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