- Residential primary specialty-reverse servicer rating affirmed at ‘RPS3.’
- Fitch also removes the ratings from Rating Watch Evolving.
According to the press release, Fitch completed its operational review of Financial Freedom in January 2009 and found that while they experienced some operational challenges and disruptions during the past year, they continue to be a capable servicer.
The company decided to close the San Francisco offices and incorporate the operations into the existing Austin and Kalamazoo IMFB servicing sites. As a result, virtually all of the Financial Freedom staff, including management, is new. However, IMFB retained, on a consulting basis, many of the former Financial Freedom managers until the transition was complete.
Financial Freedom’s portfolio consists of 161,375 loans with UPB of approximately $22.28 billion. The portfolio is comprised primarily of HECM product (93.1%) by loan volume.