Freedom Mortgage Corp. reports that it has completed its acquisition of the residential mortgage origination operations of Sterling National Bank, the principal subsidiary of Sterling Bancorp.
Terms of the deal were not disclosed. Sterling Bancorp operates mainly in the greater New York City and Hudson Valley markets.
The purchase, which is in keeping with Freedom Mortgage’s strategy to grow through acquisition, gives Freedom increased presence in the New York City region.
Freedom Mortgage transitioned the residential business and its team of approximately 70 professionals to its operations on Aug. 12.
Freedom will handle new mortgage requests from Sterling National Bank customers through the newly acquired team.
“We look forward to carrying on the tradition of excellence that has been a Sterling National Bank hallmark since 1888,” says Stanley C. Middleman, CEO of Freedom Mortgage, in a release. “The entire region will benefit from the fast response, personalized service and complete range of home mortgages that Freedom offers throughout the U.S. We are delighted to have this excellent group of dedicated professionals on the Freedom Mortgage team.”