National full-service residential mortgage lender Freedom Mortgage Corp. has acquired the assets of Long Island, N.Y.-based mortgage lender Continental Home Loans for an undisclosed sum.
As per a company press release, Freedom Mortgage Corp. plans to retain the Continental Home Loans brand for now and will operate the company as a division titled CHL Mortgage.
For years, Continental Home Loans has had a strong presence in the New York metro region. The company, which launched in 1984, is well known for its focus on Federal Housing Administration (FHA) lending.
‘Continental Home Loans enjoys a sterling reputation and takes pride in being the largest independent FHA lender in New York State,’ says Stanley C. Middleman, president and CEO of Freedom Mortgage, in a release, adding that CHL will continue to be led by its current executive team, including Mike McHugh, company president.
‘The addition of the CHL Mortgage team brings Freedom to over 2,000 employees and over $2 billion in monthly loan volume,’ Middleman adds.
In addition, CHL Mortgage will continue to operate out of the same offices, using the same processes and systems.
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