Freedom Mortgage Corporation has purchased the assets of BluFi Lending, a direct mortgage lender with branches in California and Nevada. Under terms of this 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 headquartered in San Diego, CA. It specializes in helping consumers save time and money on home loans for purchase and refinance and prides itself on having a seasoned team of mortgage bankers and industry professionals. In 2013, BluFi originated over $400 million in residential mortgages.
“The hard work of [BluFi CEO] 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 C. Middleman, president and CEO 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.”
John Lee stated “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. Assisting future homebuyers with an easy loan process to homeownership is our goal, and we will be able to achieve more with Freedom Mortgage. ”
“The industry’s changes are opening up a lot of opportunities for lenders that have a solid plan in place,” said Middleman. “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.”