The remnants of a company that was once among the largest originators of reverse mortgages are being sold. The sale includes servicing and nearly $1 billion in whole loans.
An agreement has been reached to sell Financial Freedom to an undisclosed buyer, parent CIT Bank, N.A., revealed in a news release on Friday.
Included in the sale will be a whole-loan sale of approximately $900 million in reverse mortgages. The contract additionally calls for the sale of mortgage-servicing rights.
Source: Mortgage Daily