OREANDA-NEWS. Fitch Ratings has affirmed the following rating on the U.S. residential primary servicer rating for Financial Freedom, a division of CIT Bank N.A. (Financial Freedom):

--U.S. Residential primary specialty - reverse mortgage servicer rating at 'RPS3', Outlook Negative.

The rating affirmation reflects Financial Freedom's experience and performance in managing the reverse mortgage product. The company's senior management has extensive experience in the servicing of reverse mortgages. Additionally, Fitch believes that Financial Freedom has adequate technology for its servicing platform and an established risk management framework. The Negative Outlook predominantly reflects uncertainties relating to the pending sale of the servicing platform.

The rating also takes into consideration the financial support of the parent company, CIT Bank N.A. In August 2015, CIT Group Inc. closed its purchase of OneWest Bank N.A.'s parent company IMB Holdco LLC. The purchase included OneWest Bank N.A., which services forward mortgages under the name OneWest Bank Mortgage Servicing and reverse mortgages under the name Financial Freedom. The name OneWest Bank N.A. has changed to CIT Bank, N.A.

Financial Freedom maintains its operations in Austin, TX and Kalamazoo, MI. As of March 31, 2015, Financial Freedom's servicing portfolio consisted of 104,050 loans with an unpaid principal balance of approximately $20.6 billion. The reverse portfolio is composed of 68% GSE loans (based on UPB), 18% non-agency RMBS, 8% third-party servicing, and 6% owned loans.