Apr 6, 2016, 9:00:00 AM GMT
Mount Laurel, NJ - April 6, 2016 - Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, announced that it has signed an agreement to acquire the correspondent origination assets of JPMorgan Chase's Rural Housing business, Freedom Mortgage will operate the business unit under its own banner and will keep in place the existing team of dedicated professionals that has served the nation's rural and low-to-moderate income lending needs for over 23 years.
This decision allows Freedom to expand its correspondent business at a time when Chase is simplifying its products.
This decision aligns with our overall strategy to simplify our mortgage business. We will continue our strong partnership with the USDA to service our existing mortgage customers, said Greg Beliles, head of correspondent lending at Chase.
We are extremely pleased to expand this important business unit within our growing array of services to our nation's borrowers, said Stanley C. Middleman, Freedom Mortgage CEO.
Chase has a proven team of experts who thoroughly understand the unique requirements of rural housing customers. We look forward to further developing Freedom Mortgage's presence in this essential market through our national network of correspondents. Over the next several months we will work very closely with Chase to ensure a smooth transition that keeps service levels high and funds flowing to the borrowers who need it, Middleman said. The transition will be fully completed on July 1, 2016.
This acquisition is the latest development in Freedom Mortgage's growth strategy. The company, in business for 26 years, has grown to become one the country's largest wholesale and correspondent lenders, working with mortgage professionals all across America to deliver its trademark high quality financial services to the nation's homeowners.
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.