President Obama's FHA Fee Reduction Expected to Stimulate Housing Market
Freedom Mortgage says this is good news for homeowners and job seekers.
Mount Laurel, NJ - January 19, 2015 - Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, has announced it is hiring as many as 500 new employees to accommodate anticipated volume growth following President Obama's reduction of FHA mortgage insurance premiums (MIP). The company has over 2,300 employees nationwide and is among the nation's top ten mortgage lenders.
On Wednesday, January 21, the company is hosting job fairs for prospective loan officers in Jacksonville, Florida and in Mount Laurel, New Jersey from 4:00 pm to 7:00 pm (8:00 pm in Jacksonville), and on Thursday in Mount Laurel from 9:00 am to noon. Applicants for these job fairs should register by emailing FreedomJaxJobs@FreedomMortgage.com. Freedom Mortgage is specifically looking for licensed loan officers, loan processors and support personnel. The company is also accepting applications for other opportunities around the county at Freedom Mortgage careers.
President Obama's announcement of a .50% reduction in the FHA annual mortgage insurance premium means that borrowers will now pay .85% rather than 1.35% of the loan amount to insure lenders against loss when making FHA loans. Many more borrowers will now qualify for FHA loans and others are expected to be motivated to refinance existing loans in order to obtain lower mortgage payments. With declining interest rates as well as the lower mortgage insurance premiums on FHA loans, some estimate as many as three million current FHA borrowers will be moved to refinance following the president's action.
This reduction in MIP rate is a very significant development for housing and the economy, said Freedom Mortgage President and CEO Stanley C. Middleman.
New home buyers inject life into the economy and create jobs, and lower monthly payments from refinancing result in greater spendable income in every sector. As we expect many Americans to take advantage of the MIP rate reduction we intend to be ready for a surge in volume, he said.
We may end up hiring more than 500 new people to accommodate our growth nationwide.
A simple call to Freedom Mortgage or another mortgage lender can help homeowners determine if refinancing their home loan is right for them. Financial counseling agencies such as the non-profit, Operation HOPE can also assist homeowners with financial and mortgage questions. Their hotline 888-388-4673 (HOPE) is staffed 24 hours a day. www.operationhope.org
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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