Freedom Mortgage has announced a merger agreement with RoundPoint Mortgage Servicing, which will result in Roundpoint becoming a wholly-owned subsidiary of Freedom Mortgage.
The financial terms of the transaction were not disclosed. Freedom Mortgage said the merger would increase it combined owned and subserviced mortgage servicing rights portfolio to more than $300 billion.
"This merger will create a much larger and stronger organization with significant synergies," said RoundPoint CEO Kevin Brungardt. "RoundPoint will benefit operationally in many ways, including having access to Freedom Mortgage's substantial origination platform. With the combination of servicing portfolios, the merger makes the company the seventh largest U.S. mortgage servicer nationwide."
Freedom Mortgage recently received Fannie Mae's Servicer Total Achievement and Rewards (STAR) Award for the second consecutive year in General Servicing and for the first year in Solution Delivery.
Stan Middleman, CEO of Freedom Mortgage, said, "I am pleased to welcome RoundPoint's highly successful and professional team to the Freedom family. We very much appreciate the hard work by everyone involved in making this merger happen, and look forward to working together."