Freedom Mortgage Goes On Hiring Spree

Posted by Patrick Barnard on January 19, 2015 No Comments
Categories : Residential Mortgage

In preparation for what it hopes will be a deluge of mortgage applications coming from ‘underserved’ borrowers seeking to take advantage of reduced Federal Housing Administration (FHA) mortgage premiums, Freedom Mortgage Corp., a privately held, full-service mortgage lender licensed in all 50 states, is hiring as many as 500 new employees.

‘This reduction in mortgage insurance premium (MIP) rate is a very significant development for housing and the economy,’ says Stanley C. Middleman, president and CEO of Freedom Mortgage, in a release. ‘New home buyers inject life into the economy and create jobs, and lower monthly payments from refinancing result in greater spendable income in every sector. As we expect many Americans to take advantage of the MIP rate reduction we intend to be ready for a surge in volume. We may end up hiring more than 500 new people to accommodate our growth nationwide.’

Earlier this month, President Obama directed the FHA to reduce its mortgage insurance premiums by 50 basis points from 1.35% to 0.85%. The cuts, which will take effect Jan. 26, will help more than 800,000 homeowners save up to $900 per year on their mortgage costs and could enable up to 250,000 new home buyers to purchase a home, the administration claims.

‘This step is part of the president's broader effort to expand responsible lending to creditworthy borrowers and increase access to sustainable rental housing for families not ready or wanting to buy a home,’ the White House says in a statement. ‘In the coming months, the administration will be taking additional steps to cut red tape and clarify lending standards to build on the measures announced today. And the administration will continue to urge bipartisan progress in Congress to pass comprehensive housing finance reform legislation that will secure a stable and resilient housing finance system – one that will ensure broad access to mortgages at affordable rates and better serve future generations.’

Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments.

Freedom Mortgage says it will be hosting job fairs starting on Jan. 21 to help fill the new positions.

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