Items Tagged with 'CIT Bank'

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  • CIT buying Mutual of Omaha Bank, but not its mortgage business

    Mutual of Omaha Mortgage, formerly known as Synergy One Lending, not in deal
    CIT Bank is set to grow its operation by acquiring Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, for $1 billion. But one area where CIT won’t be growing is in its mortgage business. Much of Mutual of Omaha Bank’s business is focused on HOA banking, but the company does have a growing mortgage arm, and the company likes its mortgage business so much that it won’t be included in the sale to CIT.
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  • OneWest Bank to cough up cash over racial bias allegations during Mnuchin's reign

    HUD approves bank's deal to settle allegations of redlining in Southern California
    OneWest Bank is finally able to put two-year-old allegations of housing discrimination to rest as the Department of Housing and Urban Development approved a settlement Monday that will see the bank hand over a chunk of change to end the ordeal. This settles allegations of Fair Housing Violations that allegedly took place when Treasury Secretary Steven Mnuchin was chairman of the Southern California bank.
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  • Class action lawsuit on forced-placed insurance for reverse mortgages gets green light

    Judge fails to dismiss suit against CIT Bank, Financial Freedom and 3 insurance companies
    A federal judge in New Jersey denied a motion to dismiss a class action lawsuit over force-placed insurance policies for reverse mortgage borrowers. The suit claims that CIT Bank, its former subsidiary Financial Freedom, and three insurance companies conspired to defraud borrowers by charging excessive fees for forced-placed insurance applied to their properties.
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  • Big changes at CIT: Exits reverse mortgage and servicing businesses

    Completes sale of Financial Freedom
    CIT Group, the parent company of CIT Bank, OneWest Bank, and Financial Freedom, announced Tuesday that it completed the previously announced sale of reverse mortgage company Financial Freedom to an unknown buyer. But that wasn’t the only piece of news that CIT dropped on Tuesday.
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  • Ocwen settlement-palooza sees $36 million going out, $30 million coming back in

    Reaches settlement with CIT Bank, additional settlement on restated financials
    It’s been a year of settlements for Ocwen Financial and Monday saw more of the same. On Monday, Ocwen disclosed that it reached an additional settlement with investors related to the company’s previously restated earnings, and a settlement with CIT Bank over a 2013 mortgage servicing rights deal.
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  • CIT Bank selling Financial Freedom, exiting reverse mortgage business

    Financial Freedom acquired as part of OneWest Bank deal
    CIT Bank is getting out of the reverse mortgage business. CIT announced late last week that it is selling Financial Freedom, the reverse mortgage company it acquired as part of its 2015 acquisition of OneWest Bank. In the last few months, Financial Freedom’s supposed business practices became big topics of discussion in various parts of Washington, D.C., due to Department of the Treasury Secretary Steven Mnuchin’s relationship to OneWest Bank.
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  • Steven Mnuchin's OneWest Bank accused of redlining

    Bank once owned by candidate to lead Treasury accused of discriminatory lending
    The bank formerly owned by one of the leading candidates to head up the Department of the Treasury in President-elect Donald Trump’s administration violated federal fair housing laws by redlining minority neighborhoods and engaging in discriminatory lending practices, according to two housing advocacy groups.
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