Citigroup Inc.’s home-lending unit has reached two separate agreements that will effectively get it out of the mortgage servicing business.

A statement Monday from the New York-based firm said CitiMortgage Inc. has reached an agreement to sell MSRs and the related servicing.

The deal involves MSRs on 780,000 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $97 billion.

Source: Mortgage Daily