Nonbank

New Residential Investment Corp. has priced the public offering of more than 49.2 million shares of its stock that it plans to use to pay for its purchase of mortgage servicing rights from CitiMortgage.

Citigroup's decision to exit mortgage servicing by the end of 2018 is part of a long-term strategy to increase returns and sharpen the bank's focus on its core retail customers.

CIT Group's exit from its commercial air and reverse-mortgage-servicing businesses cost it heavily in the fourth quarter.

Citigroup's plans to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to absorb more large deals.

New Residential Investment Corp. is planning a public offering of more than 49.2 million shares of its stock to pay for its purchase of mortgage servicing rights from CitiMortgage.

Citigroup plans to exit the mortgage-servicing business by the end of 2018 to focus on making new loans.

Despite claims that digitizing the mortgage process will require less human capital, consumer desires for people on the other end of the phone or computer will keep mortgage loan officers in demand for the foreseeable future.

In order to address lenders' issues with mortgage servicing rights financing, the industry needs to reconsider its typical securitization structures.

In a candid, in-depth exit interview, Ted Tozer discusses Ginnie Mae's growth during his seven years at the agency's helm, the need for comprehensive housing finance reform, big banks' retreat from mortgages, counterparty risk management and more.

While precise definitions vary, the term generally describes a smooth customer experience that may not even require a phone call or branch visit.