Federal Reserve Board fines Citigroup $8.6 million for the improper execution of residential mortgage-related documents and announces termination of 2011 enforcement action

Webp adobestock 299978300
Adobe Stock

Federal Reserve Board fines Citigroup $8.6 million for the improper execution of residential mortgage-related documents and announces termination of 2011 enforcement action

ORGANIZATIONS IN THIS STORY

The following press release was published by the Board of Governors of the Federal Reserve System on Aug. 10, 2018. It is reproduced in full below.

The Federal Reserve Board on Friday announced an $8.6 million fine against Citigroup for the improper execution of residential mortgage-related documents.

The $8.6 million penalty addresses the deficient execution and notarization of certain mortgage-related affidavits prepared by a subsidiary, CitiFinancial. The improper practices occurred in 2015 and were corrected. CitiFinancial exited the mortgage servicing business in 2017.

Also on Friday, the Board announced the termination of an enforcement action from 2011 against Citigroup and CitiFinancial related to residential mortgage loan servicing. The termination of this action was based on evidence of sustainable improvements.

For media inquiries, call 202-452-2955.

Source: Board of Governors of the Federal Reserve System

ORGANIZATIONS IN THIS STORY

More News