Consumer Bureau Action Tracker

CFPB – CitiFinancial Servicing and CitiMortgage Inc.


State

Nationwide

target

CitiFinancial Servicing and CitiMortgage Inc.

Topics

Enforcement, Mortgage Servicing

The CFPB filed a consent order against CitiFinancial Servicing and CitiMortgage to pay a combined $28.8 million in fines and penalties. The CFPB alleged that CitiMortgage “requested unnecessary documents and forms from some homeowners who were seeking foreclosure relief” and that CitiFinancial failed to properly disclose “foreclosure relief options to some customers and incorrectly charging some borrowers for credit insurance.” The CFPB ordered CitiMortgage to “halt any pending foreclosures that were involved in the flawed application process” and for CitiFinancial to “better disclose its loan deferment policies.”

  • On January 23, 2017, the CFPB ordered “CitiFinancial Servicing and CitiMortgage to pay $28.8 million for giving ‘the runaround’ to cash-strapped homeowners who were facing foreclosure.” [Kathryn Vasel, “Citi mortgage units fined $28.8 million”, CNN Money, 01/23/17]
  • The CFPB alleged that CitiMortgage “requested unnecessary documents and forms from some homeowners who were seeking foreclosure relief.” They further alleged that “many of these letters requested documents that had already been provided or weren’t needed in the application process.” [Kathryn Vasel, “Citi mortgage units fined $28.8 million”, CNN Money, 01/23/17]
  • The CFPB alleged that CitiFinancial failed to “properly disclosing foreclosure relief options to some customers and incorrectly charging some borrowers for credit insurance.” [Kathryn Vasel, “Citi mortgage units fined $28.8 million”, CNN Money, 01/23/17]
  • The CFPB ordered CitiMortgage to “halt any pending foreclosures that were involved in the flawed application process, and clearly identify the required documents borrowers must provide to apply for foreclosure relief.” [Kathryn Vasel, “Citi mortgage units fined $28.8 million”, CNN Money, 01/23/17]
  • The CFPB ordered CitiFinancial to “better disclose its loan deferment policies and change how it reports certain accounts to credit reporting companies.” [Kathryn Vasel, “Citi mortgage units fined $28.8 million”, CNN Money, 01/23/17]

Status

Inactive or Resolved


2016-CFPB-0005 1/23/2017 1/23/2017

CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/citimortgage-inc/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Bank
  • $14,400,000
  • Not Available

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