Financial Freedom Earns $18.8 Million This Quarter

From Indymac Bancorp’s latest press release,

Financial Freedom, our reverse mortgage subsidiary, continued to be a strong contributor, earning $18.8 million for the quarter,” stated Richard Wohl, Indymac’s President. “While last quarter we forecasted that Financial Freedom’s earnings would decline to $12 million due to competitive pressures, our MBR margin in this business held up better than expected at 3.64 percent and our volume remained strong at $1.3 billion. Looking ahead, we do see continued short-term competitive pressures that could negatively impact our volumes and margins. However, in the long run we are optimistic that the growth prospects for this business will outweigh the competitive pressures.”

While we continue to hear about all the problems going on in the mortgage industry… AHM has been the latest. I just thought I’d point out that the reverse mortgage industry doesn’t seem to be slowing down.

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IndyMac Bancorp Announces Second Quarter Earnings (Business Wire)

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