Earlier this year, Freedom Mortgage and its founder and CEO Stanley C. Middleman were presented with the Liberty United Service Organizations' (USO) 2018 Chairman's Award in honor of their service to the military community and their support of Liberty USO.
MOUNT LAUREL, NJ—Locally-based Freedom Mortgage Corp. reports it has entered into a merger agreement with Charlotte, NC-based RoundPoint Mortgage Servicing Corp.
Upon the closing of the deal, which is expected in the third and fourth quarter of this year, RoundPoint will become a wholly-owned subsidiary of Freedom Mortgage.
Following the merger, Freedom Mortgage's combined owned and subserviced mortgage servicing rights portfolio is expected to be in excess of $300 billion. The merger also provides Freedom Mortgage with an active subservicing platform and broadens the scope of the company's co-issue origination network, the company states.
Founded in 1990, Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loan servicing and originations through retail, wholesale, and correspondent channels. The firm is the nation's fifth largest mortgage provider and is licensed in all 50 states.
“This merger will create a much larger and stronger organization with significant synergies,” says 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.”
RoundPoint, which began operations in 2007, currently services and subservices approximately $91 billion in unpaid mortgage assets comprised primarily of agency loans. RoundPoint, which also has an office in Dallas, also originates loans through its loan officers and its correspondent program.
“I am pleased to welcome RoundPoint's highly successful and professional team to the Freedom family,” says Stan Middleman, CEO of Freedom Mortgage. “We very much appreciate the hard work by everyone involved in making this merger happen, and look forward to working together.”
Goldman Sachs & Co. LLC served as financial advisor to RoundPoint and Sidley Austin LLP served as legal counsel. Classic Strategies Group served as financial advisor to Freedom Mortgage and Zuckerman Gore Brandeis & Crossman LLP served as legal counsel to the firm.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
