Items Tagged with 'Financial Freedom'

ARTICLES

  • Big changes at CIT: Exits reverse mortgage and servicing businesses

    Completes sale of Financial Freedom
    CIT Group, the parent company of CIT Bank, OneWest Bank, and Financial Freedom, announced Tuesday that it completed the previously announced sale of reverse mortgage company Financial Freedom to an unknown buyer. But that wasn’t the only piece of news that CIT dropped on Tuesday.
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  • CIT Bank selling Financial Freedom, exiting reverse mortgage business

    Financial Freedom acquired as part of OneWest Bank deal
    CIT Bank is getting out of the reverse mortgage business. CIT announced late last week that it is selling Financial Freedom, the reverse mortgage company it acquired as part of its 2015 acquisition of OneWest Bank. In the last few months, Financial Freedom’s supposed business practices became big topics of discussion in various parts of Washington, D.C., due to Department of the Treasury Secretary Steven Mnuchin’s relationship to OneWest Bank.
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  • Trump chooses former OneWest CEO Joseph Otting to lead OCC

    Worked closely with Treasury Secretary Steven Mnuchin, who chaired bank
    One of the country’s top banking regulators is one giant step closer to having a banker leading it. The Trump administration officially confirmed the rumors on Monday evening, announcing that President Donald Trump intends to nominate Joseph Otting to serve as the next Comptroller of the Currency.
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  • Mnuchin's OneWest subsidiary agrees to $89M settlement for reverse mortgage violations

    Alleged misdeeds took place while Treasury Secretary was chairman
    Treasury Secretary Steven Mnuchin may be done with the OneWest Bank and its subsidiary, Financial Freedom. But it appears that another section of the government isn’t done with Financial Freedom quite yet. The Department of Justice announced Tuesday that Financial Freedom agreed to an $89 million settlement over reverse mortgage allegations, some of which allegedly took place while Mnuchin was chairman of OneWest.
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  • NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

    Still in early stages
    New York is ramping up its focus on the practices of reverse mortgage lenders as of late. After introducing plans to increase the regulations surrounding reverse mortgages in the state earlier this month, New York is now reportedly also investigating practices related to the servicing of reverse-mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage.
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  • Curious Speculation on Reverse Mortgage Exits

    Reporting in The Washington Post, contributor Tom Kelly suggests that recent exits from the reverse mortgage market by Financial Freedom, Bank of America and Seattle Mortgage are the result of the new compensation rules.  He states that it is "curious how companies promote the launch of a new product or program but do little to inform consumers when it is no longer available."   His comment is somewhat "curious" as it suggests a lack of understanding of business operations.  Companies generally do not initiate large scale public relations campaigns on reductions in their operations unless necessary to respond to
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  • Financial Freedom Latest Lender to Exit Reverse Mortgage Business

    Once the stalwart leader of the reverse mortgage industry,  after many months of declining production, Financial Freedom announced plans to close all reverse mortgage origination channels.  In a letter to business partners, CEO Michelle Minier cited the regulatory  environment and the oft use phrase "focus on the bank's core businesses" to describe the the closure.   The company has been in virtual free fall in the past two years from a peak of over 2,000 endorsed loans in January of 2009 to 779 in January of 2010, and most recently down to 114 in January of 2011. Undoubtedly, their
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  • RMI Indstry Trends: View From the Top

    In their final Industry Trends report for 2010, Reverse Market Insight (RMI) highlights the growing command that the top ten lenders have taken in terms of market share.  After hovering in much of 2009 around 40%, market share of the top ten steadily increased in 2010 reaching a peak of 64.7% in December.   Several factors have contributed to this shift.  Obviously, consolidation is a major consideration, along with contraction.  As the number of active lenders have decreased 47.2% in 2010, volume has concentrated towards the top.  This is understandable as the theory would suggest that displaced originators who
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