Freedom Mortgage Corporation’s acquisition of the origination assets of JPMorgan Chase’s Rural Housing business is officially finalized, and the business unit is now fully operational as Freedom Rural Housing.
The acquisition was first announced in early May as part of JPMorgan’s strategy to simplify its mortgage business.
When first announced, JPMorgan said the loans backed by the Department of Agriculture make up less than 5% of Chase’s home loan business.
The correspondent team that was in place under JPMorgan Chase will continue to provide funds to suit the requirements of USDA residential customers nationwide.
As a result of the acquisition, more than 90 employees have joined Freedom Mortgage’s team.
“We are very appreciative of the hard work by everyone involved in making the transition process as smooth as it could be,” said Stanley Middleman, CEO of Freedom Mortgage.
“With this acquisition, Freedom Mortgage has expanded its correspondent business to help USDA lenders across the nation through a business unit that has operated for 23 of the 25 year history of the USDA mortgage program. We believe strongly in supporting the USDA’s affordable housing mission and will continue to be its number one lender under our banner,” he said. “It is a pleasure to have these lending professionals as part of the growing Freedom Mortgage Corporation team.”