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Freedom Mortgage Corporation has announced it is hiring as many as 500 new employees to accommodate anticipated volume growth following President Obama’s reduction of FHA mortgage insurance premiums (MIP). The company has over 2,300 employees nationwide and is among the nation’s top 10 mortgage lenders. Freedom Mortgage will be hosting job fairs for prospective loan officers in Jacksonville, Fla. and in Mount Laurel, N.J., specifically looking for licensed loan officers, loan processors and support personnel.
President Obama’s announcement of a 0.50 percent reduction in the FHA annual mortgage insurance premium means that borrowers will now pay 0.85 percent rather than 1.35 percent of the loan amount to insure lenders against loss when making FHA loans. Many more borrowers will now qualify for FHA loans and others are expected to be motivated to refinance existing loans in order to obtain lower mortgage payments. With declining interest rates as well as the lower MI premiums on FHA loans, some estimate as many as three million current FHA borrowers will be moved to refinance following the president’s action.
“This reduction in MIP rate is a very significant development for housing and the economy,” said Freedom Mortgage President and CEO Stanley C. Middleman. “New home buyers inject life into the economy and create jobs, and lower monthly payments from refinancing result in greater spendable income in every sector. As we expect many Americans to take advantage of the MIP rate reduction we intend to be ready for a surge in volume. We may end up hiring more than 500 new people to accommodate our growth nationwide.”