The indirect parent company of Freedom Mortgage Corp. has agreed to acquire loan servicer Seneca Mortgage Servicing.
The deal brings Seneca’s portfolio of mortgage servicing rights (MSRs) to the Florida-based lender, with Freedom noting in a press release Monday that it intends to build out Seneca’s platform “to create new opportunities for outside investors” to invest in loan assets.
“We are excited to welcome the Seneca team to Freedom and have been impressed with what they have accomplished,” Freedom Managing Director Greg Middleman stated in the press release. “We believe that combining Seneca with our premier mortgage operations will create great synergies and deliver exceptional results for Freedom’s investors.”
Financial terms of the transaction were not disclosed. A Freedom Mortgage media contact did not immediately respond to a request for more details.
Seneca, an MSR asset manager that services the underlying mortgages, is currently owned by EJF Capital LP, a global alternative asset management firm based in the Washington, D.C., area. Freedom Mortgage, which is licensed in all 50 U.S. states, operates in the retail, wholesale and correspondent loan channels.
The Freedom-Seneca transaction, which is subject to regulatory approvals and other closing conditions, is the latest in a series of servicing acquisitions by national mortgage lenders.
In February, Pennymac reached an agreement to acquire the subservicing business of Cenlar Capital Corp. for an upfront purchase price of $172.5 million and up to $85 million of contingent consideration. That transaction is expected to close in the second half of 2026.
Last October, Rocket Companies completed its $14.2 billion acquisition of Mr. Cooper Group, bringing the scope of its loan servicing portfolio to more than $2 trillion, or roughly 1 in 6 mortgages in the U.S.
In December, United Wholesale Mortgage (UWM) agreed to acquire Two Harbors Investment Corp., the parent company of RoundPoint Mortgage Servicing, in an all-stock transaction valued at $1.3 billion. If consummated, the deal would make UWM the eighth-largest servicer in the U.S., according to the companies.
On Monday, Two Harbors announced that it had adjourned a special meeting of stockholders until March 24 to give shareholders additional time to vote on the proposed merger and to solicit additional proxy votes.
