Mortgage production, servicing and staffing have been expanding at a robust pace at Freedom Mortgage Corp., and the trend is likely to continue with a new acquisition.
Third-quarter residential loan originations at the Mount Laurel, N.J.-based company totaled 29,799 units for $6.805 billion.
Freedom provided the operational data as part of the Mortgage Daily Third Quarter 2014 Mortgage Origination Survey.
Activity picked up from the second quarter, when 25,299 loans were closed for $5.716 billion.
During the nine months ended Sept. 30, loan production amounted to 72,809 loans for $16.365 billion. Dollar volume already exceeds the $15.796 billion in originations for all of last year.
In the third-quarter 2013, Freedom funded 14,055 loans for $2.747 billion.
The mortgage servicing portfolio finished September at 270,468 loans for $50.760 billion.
The portfolio grew from 256,446 loans serviced for $47.605 billion three months earlier and 154,769 loans for $28.694 billion a year earlier.
As Freedom’s operational results have expanded, so has the number of employees on its payroll.
As of Sept. 30, headcount was 1,898 — growing from 1,834 as of mid-year. At the same point in 2013, staffing stood at 1,619.
Helping to ensure continued growth is an agreement announced Monday by Freedom to acquire the assets of Continental Home Loans.
The deal calls for Freedom to hire Continental’s management and staff.
“Continental Home Loans enjoys a sterling reputation and takes pride in being the largest independent FHA lender in New York State,” Freedom Mortgage President and CEO Stanley C. Middleman said in yesterday’s announcement. “They are renowned throughout the greater New York area and well beyond.”
Continental was founded in 1984. It does business in the tri-state area as well as in Florida.
The Melville, N.Y.-based firm will operate as a division of Freedom and continue to be led by Continental Home Loans President Mike McHugh.
The acquisition will push Freedom’s staffing past 2,000 employees.
