Freedom Mortgage Funds Record $2 Billion in the Month of June 2014; Begins Servicing All Loans Originated After July 15th
Growing company's Structured Products Group funds half of monthly record volume
Mount Laurel, NJ – July 21, 2014 – Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, funded over $2 billion in residential mortgages in the month of June 2014. While the mortgage industry is experiencing a downturn, Freedom Mortgage has increased market share while remaining highly compliant, customer-centric, credit-conscious and profitable. This milestone was celebrated with a company-wide national webcast from Freedom Mortgage's senior management team.
Two years ago, in July 2012, the company achieved monthly volume of $1 billion in funded loans for the first time. This dramatic increase in volume over the past two years is the result of leadership's vision and strategic growth plans. Roughly half of the $2 billion volume was funded by its Structured Products Group, the company's correspondent lending division.
We set out to expand the footprint of our Structured Products Group, and in the past year, that's exactly what we did, said Stanley Middleman, CEO of Freedom Mortgage.
The tireless work of the Structured Products Group's highly professional staff has captured significant market share and increased their volume five-fold. We're especially proud of the $1 billion funded by this group, because it means we have successfully broadened our reach to help even more homeowners.
Another noteworthy accomplishment was realized by the Freedom Mortgage servicing department, which re-engineered its practices and achieved the #1 ranking in its peer group as measured by the Fannie Mae STAR report. The company continues to grow its servicing portfolio, which is quickly approaching $50 billion dollars.
Freedom Mortgage successfully launched its in-house servicing operation and is now servicing in-house, all newly originated loans after July 15th. Prior to July 15th, Freedom Mortgage utilized subservicer partners to service its portfolio of over 250,000 loans. Those loans will continue to be subserviced by the current subservicer.
Borrowers with loans serviced by Freedom Mortgage will have access to:
- Interactive voice response system that provides automated loan information 24/7
- Self-service web application for making payments and getting loan information
- Live call center customer service agents, Monday-Friday 8:00am?8:00pm ET, and Saturday 9:00am – 2:00pm ET
For its business partners, Freedom Mortgage has established a dedicated resource for its branch offices, correspondent lenders and other professional partners to get information on any loan originated by Freedom Mortgage, whether or not Freedom is servicing the loan. Those interested in this service may email Servicing@FreedomMortgage.com.
We're fortunate that we're equipped to handle the numerous changes and regulatory obligations within both the origination and servicing segments, said Middleman.
This is an ideal time for Freedom Mortgage to move into the servicing space. We're growing our portfolio and we're looking forward to further extending exceptional customer care to both our borrowers and our investor stakeholders.
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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