Despite declining mortgage originations, Freedom Mortgage Corp., a privately held, full-service mortgage lender licensed in all 50 states, reports that it funded more than $2 billion in residential mortgages in the month of June.
Two years ago, in July 2012, the fast-growing company achieved monthly volume of $1 billion in funded loans for the first time.
Roughly half of the $2 billion in volume was funded through the 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,’ says Stanley Middleman, CEO of Freedom Mortgage, in a release. ‘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.’
In related news, Freedom Mortgage reports that its recently launched in-house servicing department has re-engineered its practices and achieved a No. 1 ranking in its peer group, as measured by the Fannie Mae STAR report. The company started servicing all of the loans it originates in-house on July 15. It will continue to use its existing subservicer operations for all loans originated prior to that date.
‘We're fortunate that we're equipped to handle the numerous changes and regulatory obligations within both the origination and servicing segments,’ says 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.’