trending Market Intelligence /marketintelligence/en/news-insights/trending/edUlcWFxgXT2hgBT0_6A6g2 content esgSubNav
In This List

CIT Group to pay $29.9M to settle complaint over servicing errors

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022


CIT Group to pay $29.9M to settle complaint over servicing errors

New York-based CIT Group Inc. on Nov. 22 agreed to pay $29.9 million to settle a demand for arbitration filed by Ocwen Loan Servicing LLC.

Ocwen accused CIT Group of not compensating Ocwen for losses from alleged servicing errors in June 2013 when Ocwen entered into a mortgage servicing rights purchase and sale agreement with OneWest Bank. CIT acquired IMB HoldCo LLC, the parent company of OneWest Bank, in 2015.

CIT Group said the settlement will not have a material effect on its financial condition or operational results.