A subsidiary of Lehman Brothers Bank, FSB remains more than entrenched in the reverse mortgage industry.
Financial Freedom Senior Funding Corporation reported third quarter loan production rose to $250.9 million from the prior quarter's $237.2 million. Furthermore, volume jumped 138% from the $105.4 million reported for the third quarter last year.
Year-to-date volume of $671.2 million increased sharply from $287.1 million in the same period last year, according to reports. In conjunction, the self-described largest U.S. lender and servicer of reverse mortgages said it funded 9,540 loans, up 90% from the first nine months last year.
The Irvine-Calif.-based company announced it was the nation's top originator of Home Equity Conversion Mortgages during the third quarter, as it originated 3,617 of these market-predominant reverse product mortgages. The total is reportedly an industry record for the three month period.
Furthermore, the $2.5 billion in the servicing portfolio at the quarter's end increased about $0.3 billion from the second quarter and 50% from the third quarter last year.