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Freedom Mortgage has announced that it has signed an agreement to acquire the correspondent origination assets of JPMorgan Chase's Rural Housing business. Freedom Mortgage will operate the business unit under its own banner and will keep in place the existing team of dedicated professionals that has served the nation's rural and low-to-moderate income lending needs for over 23 years. The transition will be fully completed on July 1, 2016.
"We are extremely pleased to expand this important business unit within our growing array of services to our nation's borrowers," said Stanley C. Middleman, Freedom Mortgage CEO. "Chase has a proven team of experts who thoroughly understand the unique requirements of rural housing customers. We look forward to further developing Freedom Mortgage's presence in this essential market through our national network of correspondents. Over the next several months we will work very closely with Chase to ensure a smooth transition that keeps service levels high and funds flowing to the borrowers who need it."
This acquisition is the latest development in Freedom Mortgage's growth strategy. The company, in business for 26 years, has grown to become one of the country's largest wholesale and correspondent lenders, working with mortgage professionals all across America to deliver its trademark high quality financial services to the nation's homeowners.
"This decision aligns with our overall strategy to simplify our mortgage business. We will continue our strong partnership with the USDA to service our existing mortgage customers," said Greg Beliles, head of Correspondent Lending at Chase.