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Acquisition Affects RMBS.(Special Report)
New York-Following the sale of IndyMac Federal Bank, Fitch Ratings re-evaluated a pool of reverse mortgage assets recently acquired by OneWest Bank.
Fitch said Financial Freedom Acquisition LLP residential primary specialty-reverse servicer assets were assigned a 'RPS3' rating.
The rating represents a new evaluation of these assets from the previous 'RPS3-' that reflected "the limited operating history of OneWest Bank," Fitch said.
The said reverse mortgage servicing assets changed hands after the Federal Deposit Insurance Corp. announced the completion of the sale of IndyMac to OneWest Bank, a newly created subsidiary of investor consortium OneWest Bank Group LLC.
Fitch said a thorough review of FFA assets shows the servicer continues to demonstrate an ability to adequately manage its reverse mortgage portfolio.
FFA of Irvine, Calif., operates its servicing platform from Austin, Texas, and Kalamazoo, ...
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- Fitch Assigns Financial Freedom Acquisition LLC's RMBS Servicer Rating.
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- Texas May Allow Reverse Mortgage Lending.
- Magazine article from: National Mortgage News Harmon, Jennifer March 28, 2005 700+ words
...Constitution in order to authorize reverse mortgage lines of credit. According to Scott...president of the Texas Association of Reverse Mortgage Lenders here, senior homeowners are...offered in every other state. "If reverse mortgage lines of credit become a reality...
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...HECMs)--more than 90 percent of reverse-mortgage loans made--surged by nearly 80 percent...Last year, at least one leading reverse-mortgage lender saw its reverse-mortgage dollar volume more than double...
Source: HighBeam Research, Acquisition Affects RMBS.(Special Report)