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Freedom Mortgage acquires new loan-servicing division


Freedom Mortgage Corp., one of the country’s largest nonbank lenders, has acquired RoundPoint Mortgage Servicing via a newly announced merger agreement.

Freedom Mortgage RoundPoint Mortgage Servicing logos

Under the terms of the deal, RoundPoint will become a wholly owned subsidiary of Freedom Mortgage. News that Freedom Mortgage had been working to acquire Roundpoint had been circulating since early May.

The assimilation of RoundPoint, which services and subservices approximately $91 billion in mortgage assets, consisting mostly of agency loans, will boost Freedom’s servicing portfolio by about 44 percent. Freedom is projected to be the seventh largest servicer in the nation after the deal closes, with a combined portfolio of owned and subservicing mortgage rights of more than $300 billion.

In addition to expanding its origination network, the deal also gives New Jersey-based Freedom access to RoundPoint’s active subservicing platform. The merger “will create a much larger and stronger organization with significant synergies,” said Roundpoint CEO Kevin Brungardt.

“I am pleased to welcome RoundPoint's highly successful and professional team to the Freedom family,” said Stan Middleman, CEO of Freedom Mortgage. “We very much appreciate the hard work by everyone involved in making this merger happen and look forward to working together.”

The transaction is expected to close in the third or fourth quarter of 2019. A joint statement from the two companies did not disclose financial terms or plans for Roundpoint’s headquarters in Charlotte, North Carolina, or its Dallas office.


 

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