The move establishes Freedom Mortgage as one of the biggest US mortgage servicers
Freedom Mortgage has announced that RoundPoint Mortgage is now a wholly-owned subsidiary of the company.
The firms announced Tuesday that they completed their previously announced merger – pushing Freedom Mortgage further up on the list of the 10 largest agency mortgage servicers in the US.
The deal increases Freedom Mortgage's combined owned and subserviced mortgage servicing rights portfolio to roughly $310 billion of unpaid principal balance (UPB). The acquisition also provides Freedom with an active subservicing platform and expands its co-issue origination networks.
"We are delighted that RoundPoint is now officially part of the Freedom family," said Stan Middleman, CEO of Freedom Mortgage. "RoundPoint brings over 378,000 new customers to the Freedom ecosystem, and we look forward to the opportunity to make them customers for life. We are excited about the new opportunities that lie ahead."
Established in 2007, RoundPoint currently services and sub-services approximately $75 billion in UPB of mortgages made up primarily of agency loans.
"Our transition to the Freedom family has been a great move for us," said RoundPoint CEO Kevin Brungardt. "By combining our unique strengths, resources and expertise, we will realize major operational benefits. Together, we look forward to setting a new standard for mortgage servicing excellence."