Freedom Mortgage Corporation
has announced that it is buying approximately $500 million of selected residential mortgage assets from New York Community Bank's mortgage banking operation.
The deal includes the right to service over $20 billion of residential mortgage loans, as well as the loans in the warehouse at closing. The Mount Laurel, N.J.-based Freedom Mortgage expects to hire select employees in originations, servicing and operations from New York Community Bank's Cleveland-based residential mortgage operation.
"I am delighted to have the opportunity to add the quality assets, platform and select employees which are part of New York Community Bank to our Freedom family," said Freedom Mortgage CEO Stanley C. Middleman. "I think there will be a great future for both firms as a result of this transaction."