Freedom Mortgage Corporation has announced that its Financial Institutions Partner Group, which provides a cost-effective and scalable mortgage origination fulfillment service for banks and credit unions, has exceeded expectations for growth during 2014. The response to Freedom Mortgage’s services demonstrates a growing trend toward mortgage outsourcing, which enables financial institutions of all sizes to offer a full-service mortgage solution without the expense of building, staffing and operating the departments themselves.
The Financial Institutions Partner Group launched operations in March of 2014, offering complete outsourced mortgage services specifically to small and midsize credit unions and banks.
“The market for top-quality mortgage fulfillment services was greater than we anticipated,” says Stanley Middleman, Freedom Mortgage's CEO. “In less than six months, we have signed on 25 institutions.”
Freedom Mortgage’s Financial Institutions Partner Group empowers community banks and credit unions to attract borrowers on a par with full-service mortgage lenders. Freedom Mortgage’s fulfillment services allow these institutions to offer a complete array of mortgage products to their customers and members while reducing costs and minimizing regulatory compliance and operational risks. Middleman sees this as both a solid defensive and offensive strategy for these financial institutions.
“Smaller financial institutions compete on the basis of highly-personalized customer service,” Middleman said. “When they cannot offer a full menu of mortgage products, they are disadvantaged by their large bank competitors and run the risk of losing deposit and other loan accounts if they are unable to accommodate mortgage requests. Our Financial Institutions Partner Group keeps this from happening and, at the same time, drives additional income and revenue for these partners. Our solution provides precisely the same high service levels these borrowers are accustomed to receiving when they visit their local banks or credit unions, building and enhancing that important bond.”
