Here's how and why CitiMortgage is leaving mortgage servicing

CitiMortgage surprised some in the housing business on Monday when it announced that it agreed to a massive mortgage servicing rights deal with New Residential Investment and Nationstar Mortgage. As it often is with deals of this type, the devil is in the details. And one of the details of this deal is that the MSR sale is a precursor to CitiMortgage completely exiting the mortgage servicing business. Here’s a break down of how the deal works, and why Citi plans to leave mortgage servicing behind.