New IndyMac Owners Bring Layoffs To Financial Freedom

When OneWest Bank announced that it had closed on the deal to purchase IndyMac, the company said it would continue to operate Financial Freedom but didn’t mention anything about laying off some of its employees. 

Earlier this morning there was a conference call where I’m told Michelle Minier read a script to announce layoffs and was followed by an HR woman answer questions.  It’s not clear how many Financial Freedom employees were laid off yet, but former employees told RMD it wasn’t a small number and Housingwire reports layoffs of at least 20 percent of its staff.

Notices were sent out today to alert brokers that Financial Freedom Senior Funding is changing its name to Financial Freedom Acquisition LLC but there was no mention of layoffs.  Any new loan application received by Financial Freedom on or after March 20, 2009 will be processed and closed in the new name. 

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“We will continue to offer and service reverse mortgages under the Financial Freedom brand and you will experience the same exceptional customer service and reverse mortgage expertise,” said the alert from Financial Freedom.

RMD asked OneWest Bank for a statement regarding the layoffs and was sent the following:

OneWest Bank Group acquired Financial Freedom and we will continue to operate as one of the nation’s largest reverse mortgage businesses.  A number of people were hired today as OneWest employees to operate that business but I don’t have information on exactly how many people were or were not hired.