Skip to main content

Freedom Mortgage to Add 500 Employees for Anticipated FHA Surge

Jan 20, 2015

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.”

About the author
Published
Jan 20, 2015
Maximum Acceleration, Originator Connect Network Sign Exclusive CE Agreement

Pact gives OCN guaranteed live CE at shows, creates nationwide opportunity for Maximum Acceleration

Apr 17, 2024
CMG Acquires Norcom Mortgage's Retail Side

The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.

Apr 12, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

NEXA Begins Search For New CFO

NEXA CEO retires the president position after Mat Grella's termination.

Apr 01, 2024
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024