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OneWest Bank Take Over Financial Freedom

by Jeffrey Bangerter
March 22, 2009

When OneWest Bank announced that it had closed on the deal to purchase IndyMac, the company said it would continue to operate Financial Freedom but didn’t mention anything about laying off some of its employees.

Earlier this month there was a conference call where a script was read to announce layoffs and was followed by an HR woman to answer questions.

It’s not clear how many Financial Freedom employees were laid off yet, but reports estimate layoffs of at least 20 percent of its staff.

Notices were sent out today to alert brokers that Financial Freedom Senior Funding is changing its name to Financial Freedom Acquisition LLC but there was no mention of layoffs.

Any new loan application received by Financial Freedom on or after March 20, 2009 will be processed and closed in the new name.

“We will continue to offer and service reverse mortgages under the Financial Freedom brand and you will experience the same exceptional customer service and reverse mortgage expertise,” said the alert from Financial Freedom.

WSB Mortgage Services, Inc. represents between six and eight lenders at all times to help manage the volatility in the Mortgage and Banking industry, this way if things change with one lender we can take our clients to one of our other lenders.

This is not to say that the change at Financial Freedom is a bad one, it just illustrates how the current problems in our economy make it prudent that we are sure that if a lender stopped doing Reverse Mortgage business it would not affect our clients.

Use us to shop for your best Reverse Mortgage.