CIT Group in New York has reached an agreement to sell its reverse mortgage unit, a source of many headaches for the company in recent months.

CIT agreed to sell the $900 million portfolio, along with its Financial Freedom reverse mortgage servicing business, to an undisclosed buyer. The terms of the deal, expected to close in the second quarter of 2018, were not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.