In its effort to comply with a federal banking consent order and the multi-state servicer settlement, Citigroup Inc. is beefing up staffing at its mortgage unit. The company is also adding employees to handle elevated refinance activity.
Citi was one of five major mortgage servicers in February to agree to a $25 billion settlement with the Department of Housing and Urban Development, the Department of Justice and attorneys general in 49 states.
The New York-based financial services conglomerate was also one of 16 mortgage firms to face consent orders with banking regulators in April 2011 over alleged faulty servicing and foreclosure practices.
In order to live up to its part of the agreements, CitiMortgage Inc. is hiring around 750 employees.
A statement from a spokesman indicated that the new hires will support implementation of new programs and procedures called for under the Office of the Comptroller of the Currency’s consent orders and the national mortgage agreement.
As many of half of the hirings could occur at two North Texas operations located in Irving. Several hundred positions have already been added in North Texas over the past months.
In addition, Citi has been recruiting new employees in response to the current high volume of refinancing applications.
