Freedom Mortgage Corporation is increasing its presence in the state of New York by acquiring the residential mortgage lending business of Sterling National Bank, the principal subsidiary of Sterling Bancorp.
The deal represents Freedom Mortgage’s second acquisition in just over a month, as in early July, Freedom formally acquired the origination assets of JPMorgan Chase’s rural housing business.
Now, Freedom Mortgage is taking over the residential lending business of Sterling National, which operates mainly in the greater New York and Hudson Valley markets.
According to information provided by Freedom Mortgage, Sterling National’s mortgage operations “officially transitioned” to Freedom Mortgage on Aug. 12, 2016.
That transition included Sterling National’s team of approximately 70 employees as well, Freedom Mortgage said.
Under the terms of the deal, Freedom Mortgage will now handle new mortgage requests from Sterling National Bank customers through that newly acquired team.
Freedom Mortgage also plans to leverage the unit's capabilities to expand Freedom Mortgage's presence throughout the New York metro area.
“We look forward to carrying on the tradition of excellence that has been a Sterling National Bank hallmark since 1888,” Freedom Mortgage CEO Stanley Middleman said.
“The entire region will benefit from the fast response, personalized service and complete range of home mortgages that Freedom offers throughout the United States,” Middleman added. “We are delighted to have this excellent group of dedicated professionals on the Freedom Mortgage team.”
Terms of the deal were not disclosed.