Freedom Mortgage Funds Record $2 Billion in the Month of June 2014; Begins Servicing All Loans Originated After July 15th Growing company's Structured Products Group funds half of monthly record volume
MOUNT LAUREL, N.J., July 21, 2014 /PRNewswire/ -- Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, funded over $2 billion in residential mortgages in the month of June 2014. While the mortgage industry is experiencing a downturn, Freedom Mortgage has increased market share while remaining highly compliant, customer-centric, credit-conscious and profitable. This milestone was celebrated with a company-wide national webcast from Freedom Mortgage's senior management team.
Two years ago, in July 2012, the company achieved monthly volume of $1 billion in funded loans for the first time. This dramatic increase in volume over the past two years is the result of leadership's vision and strategic growth plans. Roughly half of the $2 billion volume was funded by its Structured Products Group, the company's correspondent lending division.
"We set out to expand the footprint of our Structured Products Group, and in the past year, that's exactly what we did," said Stanley Middleman, CEO of Freedom Mortgage. "The tireless work of the Structured Products Group's highly professional staff has captured significant market share and increased their volume five-fold. We're especially proud of the $1 billion funded by this group, because it means we have successfully broadened our reach to help even more homeowners."
Another noteworthy accomplishment was realized by the Freedom Mortgage servicing department, which re-engineered its practices and achieved the #1 ranking in its peer group as measured by the Fannie Mae STAR report. The company continues to grow its servicing portfolio, which is quickly approaching $50 billion dollars.
Freedom Mortgage successfully launched its in-house servicing operation and is now servicing in-house, all newly originated loans after July 15th. Prior to July 15th, Freedom Mortgage utilized subservicer partners to service its portfolio of over 250,000 loans. Those loans will continue to be subserviced by the current subservicer.
Borrowers with loans serviced by Freedom Mortgage will have access to:
- Interactive voice response system that provides automated loan information 24/7
- Self-service web application for making payments and getting loan information
- Live call center customer service agents, Monday-Friday 8:00am–8:00pm ET, and Saturday 9:00am – 2:00pm ET
Borrowers may get information on their loans by calling (855) 690-5900 or by visiting www.FreedomMortgage.com and selecting "My Freedom Account."
For its business partners, Freedom Mortgage has established a dedicated resource for its branch offices, correspondent lenders and other professional partners to get information on any loan originated by Freedom Mortgage, whether or not Freedom is servicing the loan. Those interested in this service may email Servicing@FreedomMortgage.com.
"We're fortunate that we're equipped to handle the numerous changes and regulatory obligations within both the origination and servicing segments," said Middleman. This is an ideal time for Freedom Mortgage to move into the servicing space. We're growing our portfolio and we're looking forward to further extending exceptional customer care to both our borrowers and our investor stakeholders."
About Freedom Mortgage
Freedom Mortgage Corporation is a national, full service mortgage banker with retail, wholesale, correspondent and commercial origination and servicing operations. The company is licensed in all 50 states, Washington D.C. and Puerto Rico. Freedom Mortgage maintains an A rating with the Better Business Bureau and is known for using the most advanced technologies and providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey. For more information, please visit www.FreedomMortgage.com.
SOURCE Freedom Mortgage Corporation