CIT Closes Financial Freedom Sale, Exits Reverse Mortgage Market

The CIT Group (NYSE: CIT) this week announced the completion of its exit from the reverse mortgage industry. The financial services company closed on the sale of its Financial Freedom servicing arm and loan portfolio, CIT announced Monday. The deal was first disclosed in October, with an unnamed buyer and purchase price; the portfolio itself […]

Celink Promotes New VP of Financial Systems and Automation

Reverse mortgage subservicer Celink has a new vice president of financial systems and automation. The Lansing, Mich.-based company elevated Patricia Cotter to the position, which will oversee Celink’s automation efforts in its accounting department and elsewhere. “Patty’s innate ability to systematically dissect an issue, process a transaction, and develop a solution, along with her thorough […]

Reverse Mortgage Subservicer Celink Hires First General Counsel

The largest subservicer of reverse mortgages marked another business milestone this week by appointing its first inside counsel. Martha Belcher joined the Lansing, Mich.-based Celink as its executive vice president and general counsel. “Using outside counsel has been effective for Celink, and Martha will manage those valuable partners to help us navigate during this very […]

Celink to Subservice $900M Financial Freedom Reverse Mortgage Portfolio

Celink will subservice the Financial Freedom reverse mortgage portfolio being sold by CIT Group (NYSE: CIT) and will transfer Financial Freedom staff to become Celink employees, sources have confirmed to RMD. The loan portfolio, comprising roughly $900 million in unpaid principal balance, is being sold by CIT Group for an undisclosed sum, as specified in a purchase […]

CIT Touts Sale of ‘Legacy’ Financial Freedom, Reverse Mortgage Portfolio

Executives at CIT Group, Inc. (NYSE: CIT) were upbeat about the company’s decision to sell off its Financial Freedom reverse mortgage portfolio, calling the business a “legacy issue” on its quarterly earnings call this week. “Earlier this month, we addressed another key legacy issue for the company in reaching an agreement to sell the Financial […]

CIT to Sell Financial Freedom, $900M Reverse Mortgage Portfolio

CIT Bank on Friday announced a deal to sell Financial Freedom, its reverse mortgage servicing arm, along with its Home Equity Conversion Mortgage portfolio to an undisclosed buyer. The transaction will include $900 million in reverse mortgage whole loans, as well as servicing rights and other real estate assets, according to CIT. “This transaction marks […]

Trump Taps OneWest Vet for Bank Oversight Post

President Trump on Monday announced his intention to nominate Joseph Otting, the former president and CEO of OneWest Bank, to serve in a top bank-oversight post, a decision that brought the bank’s history with reverse mortgages and foreclosures back into the headlines. As comptroller of the currency, Otting would spearhead the regulation of the nation’s […]

Correction: Financial Freedom to Pay $89M Over Missed Reverse Mortgage Deadlines

Editor’s note: see correction below.  Financial Freedom will pay more than $89 million to settle a Department of Housing and Urban Development investigation into its reverse mortgage servicing practices, the agency announced in a release Tuesday. HUD’s Office of the Inspector General had alleged that Financial Freedom submitted multiple requests for insurance reimbursements to the […]

CIT, OneWest Contribute to Reverse Mortgage Counseling Program

CIT Bank and its retail subsidiary, OneWest Bank, awarded a $335,000 grant to fund counseling for seniors in danger of tax-and-insurance reverse mortgage foreclosures in California. The money will help a pair of organizations — the Atlanta-based ClearPoint Credit Counseling Solutions and the Hope Now Alliance of Washington, D.C. — host events throughout the state […]