Expanding homeownership opportunities for its customers is the mission of Freedom Mortgage. The company’s variety of loan offerings — both conventional and government-insured products — bolsters its ability to achieve that mission.
Freedom Mortgage, founded in 1990 by Stanley C. Middleman, who is president and CEO, is based in Mount Laurel, New Jersey. According to the Nationwide Multistate Licensing System, Freedom Mortgage has more than 1,200 loan officers in 120 active branch locations across the country.
Let’s see how Freedom Mortgage stacks up against other mortgage lenders.
AT A GLANCE
- Operates in all 50 states, Washington, D.C.; Puerto Rico and the U.S. Virgin Islands.
- Offers conventional loans with fixed rates of 15 and 30 years.
- Specializes in government-insured loans such as FHA, VA and USDA.
A look at Freedom Mortgage products
Freedom Mortgage offers conventional purchase and refinance (cash-out and rate-and-term options) loans with fixed terms of 15 and 30 years. It also provides several government-insured options from the Federal Housing Administration, U.S. Department of Veterans Affairs and the U.S. Department of Agriculture.
Freedom Mortgage declined a request for an interview and to provide information for this review.
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Expanding its reach
In July, Freedom Mortgage acquired JPMorgan Chase’s USDA Rural Housing platform, allowing it to increase its outreach to lower-income borrowers.
“This service offering speaks to the diversity, strength and stability of the Freedom Mortgage organization, as well as to our unwavering focus on our clients and their borrowers,” David Sheeler, executive vice president of Freedom Mortgage Correspondent Lending and Servicing Finance, said in a news release.
“In our continued mission to be the premier investor in the industry, we pride ourselves on our ability to provide a broad array of services and innovative solutions to our clients while remaining flexible in today’s market environment.”
What Freedom Mortgage does best
- It offers a variety of loan products (conventional and government-insured FHA loans, VA loans and USDA loans) that will appeal to a broad range of borrowers.
- It places a significant emphasis on making homeownership accessible to more Americans, particularly low- to moderate-income earners.
- It allows borrowers to apply for a mortgage online.
Where Freedom Mortgage falls short
- It’s unclear if you can track your loan from application to closing entirely online, or if some parts of the process have to be done by phone.
- It doesn’t appear to offer an application for mobile devices.
- It’s unclear whether Freedom Mortgage offers jumbo loans or adjustable-rate mortgages.