Freedom Mortgage Completes Acquisition of Nation's Largest Rural Housing Unit From JPMorgan Chase
Leading rural mortgage correspondent lending unit fully transitioned to Freedom Mortgage Corporation banner
Mount Laurel, NJ – July 1, 2016 – Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, announced that its acquisition of the origination assets of JPMorgan Chase's Rural Housing business has been completed. After months of preparation and transition since the acquisition agreement was announced in April, the business unit is fully operational as Freedom Rural Housing as of July 1, 2016.
The newly renamed unit will continue to provide funds to suit the unique requirements of USDA residential customers nationwide through the correspondent team that was in place during its ownership by JPMorgan Chase. Over 90 employees have joined Freedom Mortgage's team in the acquisition. Affecting about 80 percent of the land area and 20 percent of the population of the United States, USDA mortgage volume totaled over $22 billion in 2015, according to government figures.
We are very appreciative of the hard work by everyone involved in making the transition process as smooth as it could be, said Stanley C. Middleman, CEO of Freedom Mortgage.
With this acquisition, Freedom Mortgage has expanded its correspondent business to help USDA lenders across the nation through a business unit that has operated for 23 of the 25 year history of the USDA mortgage program. We believe strongly in supporting the USDA?s affordable housing mission and will continue to be its number one lender under our banner, he said.
It is a pleasure to have these lending professionals as part of the growing Freedom Mortgage Corporation team.
Freedom Mortgage has grown organically and through strategic acquisitions to become one of the country's largest retail, wholesale and correspondent lenders. In business for over 26 years, Freedom Mortgage is renowned for its high service levels, broad product array and for its commitment to delivering high quality financial products to consumers all across America.
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.
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