Freedom Mortgage Expands Mortgage Insurance Options for Borrowers
Company now offers numerous mortgage insurance choices to borrowers with down payments of less than 20 percent
Mount Laurel, NJ – December 18, 2013 – Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, has expanded its mortgage insurance options for borrowers. The company, which has relationships with the country's private mortgage insurance providers, has increased its number of approved mortgage insurance providers in an effort to help more borrowers qualify for mortgages in the current purchase-driven market.
Mortgage insurance is required on conventional loans for first lien mortgages with a loan-to-value ratio greater than 80 percent. It protects the lender against losses in the event that the subject property goes into foreclosure and the lender is unable to recover its costs after the REO property is sold.
There are seven private mortgage insurers in the U.S. Having recently partnered with National MI, Freedom Mortgage now offers mortgage insurance through five of the carriers. The other four include Genworth, MGIC, Radian and United Guaranty.
Most borrowers are not aware that while it's customary for lenders to select the mortgage insurance provider for borrowers, each borrower is entitled to use the mortgage insurance provider of his or her choice, as long as that provider is approved to do business with the lender. Freedom Mortgage has approved partnerships with most of the mortgage insurance providers giving borrowers with a wide array of choices.
"A 20 percent down payment can keep a lot of otherwise qualified borrowers out of the market," said Stanley Middleman, CEO of Freedom Mortgage. "At Freedom, we are very serious about helping our customers achieve the dream of homeownership. In addition to helping them to secure the most suitable mortgage, we also help them to secure the most suitable mortgage insurance."
Freedom Mortgage offers both borrower- and lender-paid insurance, with monthly and single payment options.
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.
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