Freedom Mortgage Corp., a full-service residential mortgage lender licensed in all 50 states, has purchased the assets of BluFi Lending, a direct mortgage lender with branches in California and Nevada. Under the terms of the transaction, BluFi Lending’s five branches will be rebranded as Freedom Mortgage. This is part of Freedom Mortgage’s strategy to expand its retail lending footprint in the Western U.S.
BluFi, founded in 2009, is a San Diego-based lender who originated over $400 million in residential mortgages in 2013.
Freedom Mortgage hopes to build on BluFi’s established lending network to enlarge Freedom’s footprint in Western markets.
“The hard work of [BluFi Chief Executive Officer] John Lee and his talented team exemplifies what a well-established mortgage lending organization can accomplish. BluFi Lending built a solid market presence in the Western U.S., and Freedom Mortgage will help them continue to grow,” said Stanley Middleman, president and chief executive officer of Freedom Mortgage. “Freedom Mortgage is gaining valuable expertise, proven marketing tools and a retail platform to expand. We’re pleased to have them become a part of Freedom Mortgage.
“The industry’s changes are opening up a lot of opportunities for lenders that have a solid plan in place,” Middleman said. “Some companies are downsizing, but at Freedom Mortgage, we’re growing. By merging with BluFi, we’re expanding our ability to foster homeownership to more people in a greater territory, and for that, we are both excited and grateful.”
Lee anticipates that joining with Freedom Mortgage will provide greater lending opportunities for its branches.
“Given the financial strength and commitment of Freedom Mortgage to grow its retail business, we are very proud to become members of this highly regarded company,” Lee said. “Assisting future homebuyers with an easy loan process to homeownership is our goal, and we will be able to achieve more with Freedom Mortgage.”