twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

IndyMac's Former Reverse Unit Sold

Servicing also sold

June 4, 2018

By Mortgage Daily staff

The reverse mortgage business which was once owned by IndyMac Bancorp Inc. has been sold. The sale also involved servicing on assets.

On Monday, CIT Group Inc. said in an announcement that it has completed the sale of its Financial Freedom reverse mortgage unit.

Included in the sale of the business were mortgage-servicing rights on reverse mortgages and $879 million in revere mortgage whole loans.

The buyer in the transaction, which was first announced in October 2017 and closed on April 30, was not disclosed.

CIT picked up Financial Freedom with its 2015 acquisition of OneWest Bank FSB. OneWest was created to acquire the remnants of IndyMac, the parent of Financial Freedom that failed in July 2008.

At one point, Financial Freedom claimed to be the nation's biggest reverse mortgage originator.

In addition to the reverse mortgage sale, CIT disclosed that it has outsourced the payment, servicing and administration of its ongoing mortgage portfolio to a "leading national" servicer..

As of March 31, CIT's mortgage portfolio was $5.2 billion.

"CIT remains focused on growing our core commercial and consumer operations, and these actions allow us to apply greater focus in those areas of the business," CIT Chair and Chief Executive Officer Ellen R. Alemany said in the press release.

Still, CIT will remain in the mortgage business offering single-family loans through its CIT Bank and OneWest Bank franchises as well as its correspondent acquisitions.

Related:Former Reverse Mortgage Giant Sold (Oct. 9, 2017)
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.

next story

back to current headlines

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news