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