Signaling further consolidation in the mortgage lending industry, Freedom Mortgage Corp. has acquired J.G. Wentworth Home Lending, a subsidiary of J.G. Wentworth Co. and one of the nation’s largest direct and retail home mortgage lenders.
Terms of the deal were not disclosed.
Based in Chesterbrook, Pa., J.G. Wentworth Home Lending originates more than $6 billion in annual mortgage volume and manages a $6 billion servicing portfolio. The company has 571 employees in more than 35 offices nationwide.
The acquisition is expected to expand Freedom Mortgage’s reach to several new markets, particularly in the mid-Atlantic region, where J.G. Wentworth has a strong presence.
“J.G. Wentworth Home Lending’s excellent track record of serving first-time and veteran homebuyers make them a perfect addition to Freedom Mortgage,” says Stanley Middleman, founder and CEO of Freedom Mortgage, in a release. “By combining strengths, we’ll be able to provide affordable home financing options to even greater numbers of borrowers, so they may achieve the American dream of homeownership. We look forward to working together.”
Licensed in 46 states and the District of Columbia, J.G. Wentworth offers conventional and jumbo purchase loans as well as government-insured FHA, VA and USDA loans. The company sells loans directly to consumers and through traditional retail branches.