Mr Cooper Group Inc (COOP)

[Mr_Simpson72]

CIT Group selling Financial Freedom to an undisclosed buyer:

Tony Ebers COO Nationstar connection to Onewest

Tony held various leadership roles at OneWest Bank, most recently serving as Executive Vice President of Mortgage Lending and Servicing. Tony also served as an Executive Vice President and COO at IndyMac Bank from 2002 to 2009, managing retail banking, consumer lending, mortgage operations and home loan servicing

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CIT Group selling Financial Freedom to an undisclosed buyer:

In October 2017, the company sold Financial Freedom, acquired as part of the acquisition of OneWest Bank, and its reverse mortgage portfolio.

https://www.prnewswire.com/news-releases/cit-reaches-agreement-to-sell-financial-freedom-and-reverse-mortgage-portfolio-300532738.html

The transaction includes the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate owned assets as of June 30, 2017. The transaction is expected to close in the second quarter of 2018 and is subject to certain regulatory and investor approvals and other customary closing conditions.

Quote Jaysenese:

Here is what CIT Group said about the pending sale of Financial Freedom and the sale of those $900MM in reverse mortgages:

The buyer is continuing to work to obtain the required regulatory and investor approvals. We are still working to close the sale of Financial Freedom in the second quarter, but the timing is now targeted to be closer to the end of the second quarter.

Note: " regulatory and investor approvals "

http://ir.cit.com/Cache/1001235868.PDF?Y=&O=PDF&D=&fid=1001235868&T=&iid=102820

June 29th, that's pretty close to the end of the second quarter.

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Also, I see CIT is doing a presentation at a Morgan Stanley conference on June 13:

Quote
CIT Group Inc. (NYSE: CIT) today announced that CIT Chairwoman and Chief Executive Officer Ellen R. Alemany and Chief Financial Officer John Fawcett will present at the Morgan Stanley Financials Conference on Wednesday, June 13, 2018, at 10 a.m. ET.

A live webcast of the presentation will be available on the Investor Relations section of the CIT website at cit.com/investor. A replay of the presentation will be available on the website for a period of 45 days following the event