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Freedom Mortgage in Mount Laurel, N.J., continued its recent growth strategy by acquiring the assets of Continental Home Loans in Melville, N.Y.
The acquisition is expected to increase Freedom’s monthly origination volume to more than $2 billion per month.. A purchase price for this deal was undisclosed in a Monday press release.
Continental Home Loans will operate as a division of Freedom Mortgage and be renamed CHL Mortgage. Management and employees of the former Continental Home Loans are expected to staff the new division, Freedom said. Continental had 14 offices within New York, New Jersey, Florida and Massachusetts. The acquisition brings Freedom’s total employee count to more than 2,000.
According to the release, the company was the largest independent Federal Housing Administration lender in New York.
CHL Mortgage will centrally process and underwrite all loans from its Long Island office. Mike McHugh, who has been president of Continental since 1986, will be CHI’s president. The executive team will also include Continental principals Eric Reeps and Sam Barreta.
“At Freedom Mortgage, we understand that the know-how and chemistry in our field locations are essential to the company’s collective success” said Stanley Middleman, president and chief executive officer of Freedom Mortgage, in the release. “CHL’s branches represent new markets for Freedom Mortgage. They fit precisely with Freedom Mortgage’s ongoing growth plan.”
Earlier this year, Freedom expanded its retail lending footprint in the Western U.S. by purchasing the assets of BluFi Lending.