Oct 9, 2013, 9:00:00 AM GMT
Mount Laurel, NJ - Oct 9, 2013 (BUSINESS WIRE) - Freedom Mortgage Corporation, a national mortgage lender licensed in 50 states (the "Company"), announced today the closing of the initial public offering of 6,500,000 shares of common stock of its strategic alliance partner, Cherry Hill Mortgage Investment Corporation (NYSE: CHMI), at a public offering price of $20.00 per share.
Cherry Hill Mortgage Investment Corporation is a residential real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. Cherry Hill Mortgage Investment Corporation is externally managed and advised by Cherry Hill Mortgage Management, LLC, which is an affiliate of Freedom Mortgage Corporation.
Cherry Hill Mortgage Investment Corporation used a portion of the proceeds of the offering, together with additional proceeds from the sale of an additional 1,000,000 shares of common stock at the public offering price in a concurrent private placement, to acquire interests in mortgage servicing rights, from the Company.
A registration statement relating to the shares sold by Cherry Hill Mortgage Investment Corporation in the offering was declared effective by the Securities and Exchange Commission on September 30, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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.
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.