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CIT to Leave Reverse Mortgage Business

By Tony Seruga

The sale of Financial Freedom, CIT’s reverse mortgage servicing business, and its $900 million portfolio is expected to close in the second quarter of 2018.

CIT Bank N.A., the bank subsidiary of CIT Group Inc., is exiting the reverse mortgage business with the planned sale of Financial Freedom and its reverse mortgage portfolio.

The amount of the deal, expected to close in the second quarter of 2018, was not released but the Pasadena, Calif.-based firm noted the transaction includes the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate assets owned as of June 30…

CIT to Leave Reverse Mortgage Business

Categories : Commercial Real Estate, Finance

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