Freedom Mortgage and RoundPoint Finalize Merger
Merger increases Freedom Mortgage’s MSR portfolio to more than $300 billion
Mount Laurel, NJ – August 18, 2020 – Freedom Mortgage Corporation and RoundPoint Mortgage Servicing Corporation announced they have completed their previously announced merger. RoundPoint is now a wholly-owned subsidiary of Freedom Mortgage, one of the nation’s largest full-service mortgage companies and a leader in VA and government-insured lending.
Founded in 2007, RoundPoint services and subservices approximately $75 billion in unpaid principal balance (UPB) of mortgages comprised primarily of agency loans. As a result of the merger, Freedom Mortgage’s combined owned and subserviced mortgage servicing rights (MSR) portfolio is now approximately $310 billion of UPB, elevating the company further up on the list of the 10 largest mortgage agency servicers in the country. The merger also provides Freedom Mortgage with an active subservicing platform and broadens the scope of the company’s co-issue origination network.
"Our transition to the Freedom family has been a great move for us," said Kevin Brungardt, CEO of RoundPoint. "By combining our unique strengths, resources and expertise, we will realize major operational benefits. Together, we look forward to setting a new standard for mortgage servicing excellence."
"We are delighted that RoundPoint is now officially part of the Freedom family," said Stan Middleman, CEO of Freedom Mortgage. "RoundPoint brings over 378,000 new customers to the Freedom ecosystem, and we look forward to the opportunity to make them customers for life. We are excited about the new opportunities that lie ahead."
Goldman Sachs & Co. LLC served as financial advisor to RoundPoint and Sidley Austin LLP served as legal counsel. Classic Strategies Group served as financial advisor to Freedom Mortgage and Zukerman Gore Brandeis & Crossman LLP served as legal counsel.
About Freedom Mortgage Corporation:
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company that provides mortgage loans through retail, wholesale, and correspondent channels. One of the nation’s largest loan originators and servicers, the company is licensed in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Freedom Mortgage is a leader in VA mortgage lending and one of the mortgage industry’s largest philanthropic supporters of the USO of Pennsylvania and Southern New Jersey. The company is also renowned for its vibrant work environment where its team members can thrive.
About RoundPoint Mortgage Servicing Corporation:
Founded in 2007, RoundPoint Mortgage Servicing Corporation is a leading national loan servicer, residential mortgage lender and co-issue purchaser. As one of the nation’s largest non-bank mortgage servicers, it currently services nearly $75 billion of mortgage assets and is authorized to service loans in all 50 states, the District of Columbia and the U.S. Virgin Islands. The company is headquartered in Fort Mill, SC with an office in Dallas, TX. You can learn more about RoundPoint's services by visiting www.roundpointmortgage.com.
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