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Freedom Mortgage Completes Acquisition of JPMorgan Chase's Rural Housing Unit

NationalMortgageProfessional.com
Jul 01, 2016
Freedom Mortgage Corporation has announced that it has acquired the origination assets of JPMorgan Chase’s Rural Housing business

Freedom Mortgage Corporation has announced that it has acquired the origination assets of JPMorgan Chase’s Rural Housing business. After months of preparation and transition since the acquisition agreement was announced in April, the business unit is fully operational as Freedom Rural Housing as of July 1, 2016. The newly renamed unit will continue to provide funds to suit the unique requirements of USDA residential customers nationwide through the correspondent team that was in place during its ownership by JPMorgan Chase. More than 90 employees have joined Freedom Mortgage’s team in the acquisition. Affecting about 80 percent of the land area and 20 percent of the population of the United States, USDA mortgage volume totaled over $22 billion in 2015, according to government figures.

“We are very appreciative of the hard work by everyone involved in making the transition process as smooth as it could be,” said Stanley C. Middleman, CEO of Freedom Mortgage. “With this acquisition, Freedom Mortgage has expanded its correspondent business to help USDA lenders across the nation through a business unit that has operated for 23 of the 25 year history of the USDA mortgage program. We believe strongly in supporting the USDA’s affordable housing mission and will continue to be its number one lender under our banner. It is a pleasure to have these lending professionals as part of the growing Freedom Mortgage Corporation team.”

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