Servicing

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

Citi is close to deals to sell its customer and non-customer servicing portfolios; Wells tries to limit investor resolutions in its annual meeting proxy materials.

The spike in fees compensated for lower interest income.

The $33 billion-asset company’s net income fell 16% to $50 million year over year.

HSBC was fined $32.5 million for failing to comply with a 2011 consent order that directed the bank to revamp its mortgage servicing and foreclosure practices.