Financial 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.
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.