Freedom Mortgage Corp. is acquiring the correspondent origination assets of JP Morgan Chase’s Rural Housing business for an undisclosed sum.
The move comes as JP Morgan Chase seeks to limit its involvement in the mortgage market.
Freedom reports that it plans to retain the Chase employees who currently work in the division.
The acquisition allows Freedom to expand its correspondent business at a time when Chase is simplifying its products, the company says in a press release.
“This decision aligns with our overall strategy to simplify our mortgage business. We will continue our strong partnership with the USDA to service our existing mortgage customers,” says Greg Beliles, head of correspondent lending at Chase, in the release.
“We are extremely pleased to expand this important business unit within our growing array of services to our nation’s borrowers,” adds Stanley C. Middleman, CEO of Freedom Mortgage. “Chase has a proven team of experts who thoroughly understand the unique requirements of rural housing customers. We look forward to further developing Freedom Mortgage’s presence in this essential market through our national network of correspondents.”
Freedom Mortgage has also seen strong organic growth in recent years, as well. For example in July 2015 it announced that it had achieved significant growth organically through the acquisition of retail branches in Arizona, California, Hawaii, Nevada, New Mexico, Texas and Utah.