CIT GROUP INC. (NYSE:CIT) Files An 8-K Other EventsItem 8.01. Other Events.
As previously disclosed, on August 12, 2016, Ocwen Loan Servicing, LLC (“Ocwen”) filed a Demand for Arbitration against CIT alleging that CIT failed to meet its contractual obligations to indemnify Ocwen for losses allegedly suffered from servicing errors attributable to the period prior to the June 2013 sale of mortgage servicing rights to Ocwen and CIT’s ownership of the business. On November 22, 2017, CIT and Ocwen agreed to a settlement of $29.9 million to resolve the claims. CIT is adequately reserved for the settlement and the settlement will not have a material effect on CIT’s financial condition or results of operations.
About CIT GROUP INC. (NYSE:CIT)
CIT Group Inc. (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company’s segments include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. CIT products and services include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; asset-based loans; insurance services; credit protection; debt restructuring, and deposits.