Freedom Mortgage introduces mortgage outsourcing division

by MPA04 Feb 2014
Freedom Mortgage Corporation has launched a new division that provides end-to-end mortgage outsourcing for credit unions and regional and community banks.

Freedom Mortgage’s Financial Institutions Partner Group was designed to provide complete outsourced mortgage service specifically to small and midsize financial institutions. The new division will handle “all aspects of the mortgage transaction, from the initial client call to closing and servicing of the loan, on behalf of its financial institution clients,” according to Freedom Mortgage.

Smaller institutions that partner with Freedom Mortgage can offer mortgage services without the expense of hiring and training mortgage staff or exposing themselves to the risks of originating and servicing loans.

“Banks and credit unions need to offer the full range of banking products and services in order to stay competitive,” said Stan Middleman, CEO of Freedom Mortgage. “We are pleased to provide small to midsize financial institutions a way to offer one of the most important consumer financial services, without the risk or costs associated with keeping their operations in-house.”
 

COMMENTS

  • by Jeff Davis | 2/4/2014 12:31:45 PM

    How are the "credit unions and regional and community banks' compensated? Certainly they aren't paying for the privilege of sending business to Freedom...?

  • by John | 2/4/2014 1:16:06 PM

    Sounds like we will be reading about another "kick back" headline in the next one or two years.

  • by Bruce | 2/4/2014 4:27:07 PM

    They"ll probably call it a "marketing agreement."

Poll

Is TILA-RESPA a good or bad thing long term?