My name is Michael Perry. I am the former Chairman and Chief Executive Officer of IndyMac. Anyone in the reverse mortgage business knows plenty about IndyMac Bank, which was the owner of Financial Freedom before the FDIC took over the bank in July of 2008. Michael Perry, former CEO and Chairman of IndyMac Bank, is [...]

In the wake of the housing crash and exits from three of the largest reverse mortgage lenders, the industry is headed toward its third straight year of loan volume decline reports Reuters. Last year, volume was down 37% from its peak in 2008 and this year it’s expected to fall again according to John Lunde, [...]

OneWest Bank laid off 65 employees last week at its Financial Freedom offices in Irvine, California, the company told the Orange County Register today. The layoffs took place on May 26 and have been completed, according to OneWest. The layoffs come following OneWest’s decision to close down Financial Freedom and exit the reverse mortgage business, [...]

Financial Freedom is shutting down all reverse mortgage channels according to an official letter addressed to business partners from CEO Michelle Minier, sent today. “After careful consideration, we have decided to exit the wholesale reverse mortgage origination business based on the regulatory environment and the desire to focus on the bank’s core businesses,” she said. [...]

Two industry veterans have teamed up to launch a new reverse mortgage entity, National Senior Home Equity, that aims to roll up broker shops to aggregate industry volume and consolidate market share. Bart Johnson, former president of Financial Freedom and Tony Garcia, current proprietor of Liberty Street Financial, have pooled their experience to raise $5 million in [...]

Financial Freedom released an adjustable rate HECM product with a 200 margin and no servicing fee to wholesale customers on Tuesday. While other wholesalers like Live Well Financial have offered a no SFSA for adjustable rate reverse mortgages to brokers, Financial Freedom’s margin makes it the best in the market said several brokers on Wednesday.