Skip to main content

OneWest Announces Purchase of $1.4 Billion Multifamily and Commercial Portfolio From Citibank

NationalMortgageProfessional.com
Nov 11, 2010

OneWest Bank FSB has announced the purchase of a $1.4 billion multifamily and commercial real estate loan portfolio from Citibank NA. The portfolio, which includes approximately 600 loans, is a strategic addition to OneWest Bank’s growing commercial real estate lending business. “We are pleased to be able to work with Citibank to complete this transaction. This portfolio purchase represents our ongoing commitment to commercial real estate lending," said OneWest Bank’s President and Chief Executive Officer Joseph Otting. "We are excited to add quality earning assets to our balance sheet and look forward to providing all of the banking services that OneWest has to offer to our new customers." The transaction closes immediately, and will be reflected on OneWest Bank’s fourth quarter financial statements. Terms of the transaction were not disclosed. This transaction will reduce GAAP assets by $1.4 billion in Citi Holdings, Citigroup’s portfolio of non-core operating businesses and assets, demonstrating Citi’s continued progress in reducing assets in Citi Holdings as quickly as economically rational while working to generate long-term profitability and growth from Citicorp, which comprises Citi’s core franchise. Citi expects that, upon completion of this and other previously-announced transactions, total assets in Citi Holdings will represent less than twenty percent of Citi’s balance sheet as of year-end. For more information, visit www.owb.com or www.citi.com.
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021