Freedom Mortgage Announces the Acquisition of Continental Home Loans
Long-term agreement retains Continental principals who will head new CHL Mortgage division
Mount Laurel, NJ - November 3, 2014 - Freedom Mortgage Corporation, a privately held, full-service residential mortgage lender licensed in all 50 states, announced an agreement reached with Continental Home Loans of Melville, New York to acquire the assets of the Long Island-based mortgage lender. Management and staff formerly with Continental Home Loans join CHL Mortgage, a division of Freedom Mortgage.
Freedom has grown significantly over the past several years. Freedom Mortgage President and CEO Stanley C. Middleman sees this acquisition as an opportunity to continue its expansion by leveraging a highly expert team with deep knowledge of and an established presence in each of its real estate markets.
Continental Home Loans enjoys a sterling reputation and takes pride in being the largest independent FHA lender in New York State, Middleman said.
They are renowned throughout the greater New York area and well beyond. From Long Island to the boroughs, and from Westchester to upstate New York and New Jersey, Continental has earned a reputation for outstanding service that has endured since its inception in 1984. As Freedom Mortgage's CHL Division, the organization will continue to be led by its exceptional executive team, Mike McHugh, Eric Reeps and Sam Barreta, he said. The addition of the CHL Mortgage team brings Freedom to over 2,000 employees and over $2 billion in monthly loan volume.
CHL will continue to operate with the same staff and enhanced systems. All loans will continue to be centrally processed and underwritten out of our Melville, New York office, said Mike McHugh, president of CHL. McHugh has been president of Continental since 1986 and was recognized in October 2014 by National Mortgage Professional as the NMP Mortgage Professional of the Month.
All closing practices and functions will remain the same, ensuring that our borrowers and referral partners will continue to receive the personalized and quality service they have come to expect with us, he said.
And now we will have the strength and national brand power of Freedom Mortgage behind us.
At Freedom Mortgage, we understand that the know-how and chemistry in our field locations are essential to the company's collective success, said Middleman.
We are honored and grateful to join forces with so many qualified and talented men and women from the Continental Home Loan family in New York, New Jersey, the tri-state area and Florida. CHL's branches represent new markets for Freedom Mortgage, he noted.
They fit precisely with Freedom Mortgage's ongoing growth plan and their celebrated reputation for superb service aligns perfectly with our business culture nationwide.
About Freedom Mortgage Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loan servicing and originations through retail, wholesale, and correspondent channels. As the nation's fifth largest mortgage provider, licensed in all 50 states, Freedom Mortgage is renowned for providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey.
Forward-Looking Statements Freedom Mortgage Corporation is a privately held company. This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits to consumers from using Freedom Mortgage Corporation's services. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of risks and uncertainties. Any forward-looking statements in this release are based on limited information currently available to Freedom Mortgage Corporation, which is subject to change, and Freedom Mortgage Corporation will not necessarily update the information.
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