Servicing

Citigroup has nearly $20 billion in home equity lines of credit and it is preparing for the worst when borrowers must start paying back the home equity loans.

The Consumer Financial Protection Bureau finalized clarifications Tuesday to its mortgage servicing rules in an effort to ease concerns servicers had about communicating with struggling or bankrupt borrowers who invoke certain legal protections.

The Michigan State Housing Development Authority is investing millions in a statewide campaign that will demolish some of the state’s 78,000 vacant and abandoned properties.

Massella is moving over to Envoy from Caliber Funding, where he was senior vice president of wholesale lending.

BankUnited is making strategic commercial property investments in New York.

Analysts at Keefe, Bruyette & Woods are forecasting that originations at traditional mortgage banking firms declined in the third quarter while large publicly traded specialty servicers will show strong origination volumes.

Citigroup reported a $3.23 billion profit that missed analysts' estimates as bond trading slumped 26% and U.S. mortgage revenue declined.

The Federal Housing Administration has joined Fannie Mae and Freddie Mac in calling for mortgage lenders to temporarily postpone mortgage payments for furloughed government employees and contractors who have been affected by the shutdown.

Starting next year lenders and other mortgage firms operating in California will have to include new do-not-track disclosures in their online privacy policies.

Wells Fargo & Co., the fourth-biggest U.S. bank, extended the maturity of some borrowing in short-term money markets through the end of the month to prepare for a possible U.S. default.