IMC Mortgage has sold its servicing and most of its origination business to CitiFinancial Mortgage Co.

The Citigroup unit paid IMC $96 million for its servicing rights, corporate headquarters, and leased facilities in Fort Washington, Pa.; Cherry Hill, N.J.; and Cincinnati. Nearly all the employees at these sites were offered jobs with CitiFinancial. IMC said it will get another $4 million over the next two years from Citi "if certain conditions are met."

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