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."
Dennis Pitocco was named president, chief operating officer, and chief financial officer of IMC, succeeding Thomas Middleton in the first two roles and Stuart Marvin as CFO. Mr. Pitocco will also be interim chief executive officer because IMC's chairman and CEO, George Nicholas, is recovering from illness, the company said.