Freedom Mortgage Corp., a privately held, full-service mortgage lender licensed in all 50 states, has agreed to buy approximately $500 million of selected residential mortgage assets from New York Community Bank’s mortgage banking operation, the company announced in a release. The deal includes the right to service over $20 billion of residential mortgage loans, as well as the loans in the warehouse at closing, the company announced in a release.
The servicing portfolio includes Fannie Mae- and Freddie Mac-approved mortgage loans as well as a relatively small amount of Ginnie Mae insured mortgages. Freedom Mortgage also expects to hire select employees in originations, servicing and operations from New York Community Bank’s Cleveland-based residential mortgage operation, the release said.
“I am delighted to have the opportunity to add the quality assets, platform and select employees which are part of New York Community Bank to our Freedom family,” Freedom Mortgage CEO Stanley C. Middleman said. “I think there will be a great future for both firms as a result of this transaction.”
Freedom Mortgage has grown organically and through strategic acquisitions to become one of the country’s largest retail, wholesale and correspondent lenders.