Freedom Mortgage to Acquire Residential Mortgage Assets From New York Community Bank

Jun 27, 2017

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."

The NYCB acquisition comes as in late 2014, Freedom Mortgage reached an agreement with Continental Home Loans (CHL) of Melville, N.Y. to form CHL Mortgage, a division of Freedom Mortgage. And last August, Freedom Mortgage acquired the mortgage origination operations of Sterling National Bank, the principal subsidiary of Sterling Bancorp.

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Phil Hall

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Jun 27, 2017

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