Financial Freedom Servicer Rating Improves

fflogo.jpgFinancial Freedom’s servicer rating has been upgraded to ‘RPS3’ from ‘RPS3-‘ said a statement from Fitch Ratings.

A subsidiary of One West Bank, FSB, Financial Freedom is a reverse mortgage lender headquartered in Irvine, CA and conducts its servicing operations from Austin, TX, Kalamazoo, MI and Norcross, GA. As of Dec. 31, 2009, Financial Freedom managed a reverse mortgage portfolio of nearly 164,000 loans with an unpaid principal balance of approximately $24.5 billion.

The rating actions reflect the company’s experienced senior management team, established reverse mortgage servicing experience, and solid technology platform said Fitch.

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Financial Freedom’s rating was lowered after it was acquired by One West Bank, FSB but since has made operational and technological improvements across its servicing platform. Specifically, the company enhances its proprietary reverse mortgage servicing system to support improved controls, automation and reporting capabilities.

In addition, it expanded its management team to provide more direct supervisory oversight, and increased staff in its customer care and default management areas to support increased volumes.

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  • Every wholesaler “owns” your client… don’t be too naive going forward. It is up to you to brand yourself as the company to call when such queries occur.

  • I will never do business with FF again. My experience with their service last summer was the most painfull experience I’ve had since I started in the mortgage business in 1993.rnOur Rep is also the worst I’ve ever encountered.rn

  • I used to like doing business with Financial Freedom – until my clients told me they were being solicited by Financial Freedom to refinance. Now I use wholesalers who understand the relationship between me and my clients.

  • I used to like doing business with Financial Freedom – until my clients told me they were being solicited by Financial Freedom to refinance. Now I use wholesalers who understand the relationship between me and my clients.

  • I will never do business with FF again. My experience with their service last summer was the most painfull experience I've had since I started in the mortgage business in 1993.
    Our Rep is also the worst I've ever encountered.

  • Every wholesaler “owns” your client… don't be too naive going forward. It is up to you to brand yourself as the company to call when such queries occur.

  • I will never do business with FF again. My experience with their service last summer was the most painfull experience I’ve had since I started in the mortgage business in 1993.rnOur Rep is also the worst I’ve ever encountered.rn

  • Every wholesaler “owns” your client… don’t be too naive going forward. It is up to you to brand yourself as the company to call when such queries occur.

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