Financial Freedom Gets Reverse Rating
Fitch Ratings has assigned an "RPS3+" residential primary servicer rating to Financial Freedom as a servicer of reverse mortgage loans. Fitch said the rating is based on Financial Freedom's recognized expertise in servicing reverse mortgages, integrated payment processing and reverse mortgage systems, and established quality monitoring procedures. The rating also reflects the financial strength of Financial Freedom's parent, IndyMac Bank, which has a "BBB-" long-term debt rating from Fitch.
Financial Freedom is headquartered in Irvine, Calif., and operates a centralized servicing platform in San Francisco. The company originates reverse mortgage products through both wholesale and retail channels.
Financial Freedom serviced almost 93,000 loans totaling more than $9.8 billion as of May 31, according to Fitch. The company expects its portfolio to exceed 100,000 loans by the end of this year. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com