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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.