Freedom Mortgage Announces the Acquisition of BluFi Lending

May 5, 2014, 3:11:39 PM GMT

Mount Laurel, NJ - May 5, 2014 - /PRNewswire/ -- Freedom Mortgage Corporation, a privately held, full-service residential mortgage lender licensed in all 50 states, has purchased the assets of BluFi Lending, a direct mortgage lender with branches in California and Nevada. Under terms of this transaction, BluFi Lending's five branches will be rebranded as Freedom Mortgage. This is part of Freedom Mortgage's strategy to expand its retail lending footprint in the Western U.S.

BluFi, founded in 2009, is headquartered in San Diego, CA. It specializes in helping consumers save time and money on home loans for purchase and refinance and prides itself on having a seasoned team of mortgage bankers and industry professionals. In 2013, BluFi originated over $400 million in residential mortgages.

The hard work of [BluFi CEO] John Lee and his talented team exemplifies what a well-established mortgage lending organization can accomplish. BluFi Lending built a solid market presence in the Western U.S. and Freedom Mortgage will help them continue to grow, said Stanley C. Middleman, president and CEO of Freedom Mortgage. Freedom Mortgage is gaining valuable expertise, proven marketing tools and a retail platform to expand. We're pleased to have them become a part of Freedom Mortgage.

John Lee stated, Given the financial strength and commitment of Freedom Mortgage to grow its retail business, we are very proud to become members of this highly regarded company. Assisting future homebuyers with an easy loan process to homeownership is our goal, and we will be able to achieve more with Freedom Mortgage.

The industry's changes are opening up a lot of opportunities for lenders that have a solid plan in place, said Mr. Middleman. Some companies are downsizing but, at Freedom Mortgage, we're growing. By merging with BluFi we're expanding our ability to foster homeownership to more people in a greater territory, and for that we are both excited and grateful.

About Freedom Mortgage

Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loan servicing and originations through retail, wholesale, and correspondent channels. As the nation's fifth largest mortgage provider, licensed in all 50 states, Freedom Mortgage is renowned for providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey.

Forward-Looking Statements

Freedom Mortgage Corporation is a privately held company. This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits to consumers from using Freedom Mortgage Corporation's services. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of risks and uncertainties. Any forward-looking statements in this release are based on limited information currently available to Freedom Mortgage Corporation, which is subject to change, and Freedom Mortgage Corporation will not necessarily update the information.