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CIT completes sale of Financial Freedom

CIT Group Inc. completed the sale of subsidiary CIT Bank NA's reverse mortgage servicing business, Financial Freedom, to an undisclosed buyer.

The deal included the sale of mortgage servicing rights and $879 million of reverse mortgage whole loans and other real estate owned assets as of April 30.

In addition, CIT Group outsourced the payment, servicing and administration of duties of its ongoing mortgage portfolio to an undisclosed residential servicing provider. The portfolio is about $5.2 billion as of March 31.