Freedom Mortgage

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Freedom Mortgage is a full-service independent mortgage company with a powerful presence in the VA and FHA (government-insured) lending sectors.

Here’s an overview of Freedom Mortgage.

Origins and Mortgage Products

Founded in 1990 and headquartered in Boca Raton, Florida, Freedom Mortgage swiftly grew into a nationally recognized mortgage lender. According to 2022 Home Mortgage Disclosure Act (HMDA) data, Freedom Mortgage Corporation originated 66,041 loans in 2022, making it a notable lender by volume.

The company is licensed in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Freedom Mortgage offers an extensive array of loan products, which includes conventional loans, government-insured loans, refinancing options, and jumbo loans.

Conventional Loans:

Freedom Mortgage’s conventional loan offerings include conforming and high-balance/super-conforming loans. The company supports first-time homebuyers with programs such as Fannie Mae 97, HomeOne®, Home Possible®, and HomeReady®. Moreover, Texas residents can benefit from specialized loan products like Texas 50(a)(6) and 50(a)(4) loans.

VA Loans:

The company offers fixed and adjustable-rate VA loans, including the VA IRRRL (Interest Rate Reduction Refinance Loan) for streamlined refinancing. Freedom Mortgage allows 100% LTV (Loan-to-Value) for both purchase and cash-out refinancing options, with no maximum loan amounts, subject to full entitlement and other eligibility rules.

FHA Loans:

Freedom Mortgage offers FHA fixed-rate loans for both purchase and refinance. Their product lineup includes FHA Streamline Refinance for existing FHA mortgages, options for manufactured homes, and up to 80% LTV for cash-out refinances. The FHA 203(h) loan program is also available for disaster recovery, assisting homeowners in federally designated disaster areas.

USDA Loans:

For those in rural areas, Freedom Mortgage provides USDA fixed-rate purchase loans and USDA Streamline Assist refinancing. These loans offer 100% financing with a maximum LTV of 100%, accommodating borrowers with FICO scores down to 600. The financing structure includes a 1% up-front guarantee fee and a 0.35% annual fee.

Freedom Mortgage offers many mortgage products but doesn’t currently provide HELOCs or home equity loans.

Growth and Acquisitions

In 2023, despite challenging market conditions characterized by high interest rates, Freedom Mortgage assisted nearly 80,000 borrowers in securing home financing. It serviced the mortgages of two million homeowners, representing over $460 billion in loans. Notably, the company aided over 50,000 borrowers in improving their financial positions through loan modifications or partial claims.

The year also marked a significant financial milestone for Freedom Mortgage, as the company successfully accessed the capital markets, raising approximately $1.3 billion to fund its corporate growth objectives. This financing, nearly three times over-subscribed, reflects strong investor confidence in the company’s strategic direction.

Freedom Mortgage has not only expanded organically but has also made strategic acquisitions. A notable acquisition was the origination assets of JPMorgan Chase’s Rural Housing business in 2016. Renamed Freedom Rural Housing, this unit continues to serve USDA residential customers nationwide.

Community and Philanthropy

Under the leadership of CEO Stanley C. Middleman, Freedom Mortgage is committed to giving back to local communities across the country. Through its philanthropic arm, Freedom Cares, the company donated over $660,000 and contributed nearly 2,300 hours of employee volunteer work in 2023. The company’s annual campaigns, such as the Holiday Toy Drive, Rucksacks to Backpacks, and the “Freedom From Hunger” fundraiser, have made significant impacts in supporting Veterans, service members, and their families, as well as addressing broader community needs.

Freedom Mortgage also plays a vital role in supporting the Mortgage Bankers Association’s Opens Doors Foundation, providing housing grants to families with critically ill or injured children. This commitment to philanthropy is further evidenced by the company’s social media donation campaigns and its support for military programming and care packages for deployed service members.

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