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31 ยป VISIT US ONLINE @ DSNEWS.COM Trump seems bent on forgetting those lessons and on betraying the people he professed to represent when he talked about a 'rigged' system." Many of the Act's supporters point to the billions of dollars returned to U.S. consumers through regulatory actions mounted by the Consumer Finance Protection Bureau, an agency created by the Act whose future is currently in doubt. Lisa Donner, Executive Director of Americans for Financial Reform, agreed with Henderson, calling the order a "betrayal" of Trump's campaign promises to keep Wall Street in check. "Wall Street titan Goldman Sachs seems to be taking over financial regulation in the United States, trying to make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy," Donner said. "If they succeed it will have painful consequences." Dan Berger, President and CEO of the National Association of Federally-Insured Credit Unions (NAFCU), said they welcome regulators reviewing Dodd-Frank but also that they would continue to support and press the CFPB to use its authority to exempt credit unions from the regulations created to address abuses in which they did not engage. "Ultimately, we look forward to the administration, Congress and the regulators working together to reduce regulatory burden," Berger said. "We will continue to advocate for credit unions' best interests as this review moves forward." CITIGROUP SAYS GOODBYE TO MORTGAGE SERVICING New Residential Investment Corp announced on January 30 that it has entered into an agreement to purchase nearly $97 billion in unpaid principal balance (UPB) of mortgage servicing rights from CitiMortgage Inc. e agreement represents an acceleration of Citigroup's initiative to move out of mortgage servicing. "Over the past several years, we have made significant progress transforming our business to deliver a sustainable annuity of growth," stated CitiMortgage President and CEO C.D. Davies. "CitiMortgage remains a critical part of serving our customers, deepening relationships with existing and prospective retail bank clients and driving growth in our core markets. We will continue to originate loans for current and new clients." e move represents the company's "increasing focus on retail banking customers," Director of Citi Public Affairs Mark Rodgers told DS News. As the release notes, all loans sold to New Residential in the agreement were third-party loans, and CitiMortgage plans to maintain its focus on all loans which originated within the firm's retail banking unit. e New Residential and CitiMortgage agreement was accompanied by a Nationstar Mortgage Holdings subservicing agreement with New Residential for the mortgage loans in question. Of course, regulatory approval will forestall some of the expected proceedings. A release by New Residential states that: "Citi will continue to subservice the portfolio on behalf of NRM, pending receipt of GSE and regulatory approvals to transfer servicing to Nationstar Mortgage LLC." All involved parties apparently expect that the agreement will be approved by the respective regulatory bodies, with Nationstar releasing a statement in anticipation of the subservicing agreement. "is announcement further demonstrates Nationstar's role as a leading subservicing provider to the residential mortgage servicing market," stated Nationstar CEO Jay Bray. "We look forward to welcoming over 750,000 customers to Nationstar, and believe our strategic relationship with New Residential will create meaningful value for these customers and our shareholders." Moody's had this to say of the subservicing agreement: "If not managed properly, the operational and integration risks to Nationstar of such a large servicing transfer have the potential to negatively impact the company's credit profile. However, Nationstar has a solid track record of successfully boarding and integrating large servicing transfers." e move by Citi seems indicative of general trends throughout the banking industry. As Fitch Ratings aptly noted, "Mortgage servicing market share for non- banks has grown steadily over the past several years. A report from federal regulators noted that non-banks accounted for 32 percent of total mortgages serviced by the top 30 firms in 2015, up from just 7 percent in 2011." e continuing growth of nonbank players in the mortgage servicing market will likely be a consistent factor driving the industry in upcoming years. was the decrease that the single- family delinquent rate experienced from November 2016 to December 2016, which was from 1.03 to 1. Source: Freddie Mac's December Monthly Volume Summary STAT INSIGHT .03%