Full-service mortgage lender Freedom Mortgage Corp. has agreed to buy approximately $500 million of selected residential mortgage assets from New York Community Bank’s mortgage banking operation. The deal includes the right to service over $20 billion of residential mortgage loans, as well as the loans in the warehouse at closing.
According to the company, the servicing portfolio includes Fannie Mae- and Freddie Mac-approved mortgage loans and a relatively small amount of Ginnie Mae-insured mortgages.
Freedom Mortgage also expects to hire select employees in originations, servicing and operations from New York Community Bank’s Cleveland-based residential mortgage operation.