Financial Freedom Rolls Out Web Based Origination Software For Correspondents

image Lately the news coming out of Financial Freedom hasn’t been positive, but yesterday the company announced it was rolling out its new web based RMA software.  They will be decommissioning the traditional desktop RMA on 5/31/09, said a company statement.

Some of what Financial Freedom calls “salient” features of its web-based RMA are:

  • Streamlined User Interface – enhanced feature rich interface with focus on better user experience
  • Centralized Pipeline – your pipeline will be available wherever you have an internet connection
  • Single Sign-on – One single login for accessing Wholesale Website, web-based RMA, submit applications, check loan status and more… (no need for multiple user names and passwords)
  • User Account Administration – your company’s administrator will be able to setup new user accounts or deactivate existing user accounts and grant/revoke access to applications
  • Enhanced pipeline sharing capabilities – Processors and managers will be able to view their loan officers’ prospect pipeline.
  • Pipeline Re-assignment – Managers will be able to easily transfer prospect pipelines to other employees if need arises
  • Easy Upload of prospects (Homeowner Database) and Fees from desktop RMA to web-based RMA
  • Seamless integration with FAND to generate Standard Application Package (SAP) which eliminates the need to access FAND website separately.

Correspondents will no longer be required to download  a piece of software to upload files to Financial Freedom, which is a nice change.

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Check out the links below to see screenshots of the new software.

Screenshot 1

Screenshot 2  

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  • Everything FF touches turns to crap. This will be the final straw for FF. This is what will cause FF to finally close their doors – the final nail in their coffin!

    Here is the scenario: The current RMA will be closed down, the new RMA software system will break, correspondents won’t be able to enter new loans into the new RMA and thus will go elsewhere (MetLife, BoA, Wells, LLS, etc), the pipeline reports and loan status feature won’t work as expected thus compounding the problem and frustrating their customers even more.

    All that will come to be true plus the fact that FF has the highest interest rates in the industry – thus gouging seniors with overall costs. Correspondents and retail RMS will have had enough and leave in droves.

    It is finally over for FF. Time to mourn for what was a FANTASTIC company under Jim Mahoney.

    It is a sad time for FF and it’s employees. I feel for them all.

    Sincerely sad…

    Former FF Gal

  • I agree with Former FF Gal. The new ownership of Financial Freedom has totally wrecked that company and it is sad. The management team should loose their jobs. I feel for the employees who have suffered under the arrogance and bad management of the new ownership.

  • From the pride of an industry to a joke in a couple of years. FF’s management has always been more impressed with themselves than was realistic or deserved based on their performance vs. being at the right place at the right time and then blowing it.

    Between cutting off brokers and software that will not work right, their final reward will be just around the corner. No wonder all of the A & B sales people have left over the years.

    As ye reap ……………

  • Financial Freedom is not only dysfunctional; its new management is arrogant.

    We have done very little business with FF lately because of poor service, pricing issues and the IndyMac situation. We decided last week to try them again.

    I attempted to log onto their Web portal and found my user account had been disabled due to lack of activity. I reported this to our FF account representative, who told us to contact his regional manager. The manager said in an email that FF would not reactivate our user account because they wish to deal with fewer brokers who are dedicated to reverse mortgage origination and will provide them with a substantial volume of product.

    Our company is a multi-state reverse mortgage originator, and I am surprised that FF would not want our business. Fortunately, we have excellent relationships with all of the other major HECM lenders.

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