Freedom Mortgage Corp. recently finalized an agreement to acquire J.G. Wentworth Home Lending, LLC, a subsidiary of J.G. Wentworth Company and one of the nation’s largest direct and retail home mortgage lenders, according to a press release. Terms of the deal were not disclosed. Freedom Mortgage is a privately held, full-service mortgage lender licensed in all 50 states.
J.G. Wentworth Home Lending, based in Chesterbrook, Pa., originates more than $6 billion in annual mortgage volume and manages a $6 billion servicing portfolio, the release states. The company has 571 employees in more than 35 offices nationwide. The acquisition is expected to expand Freedom Mortgage’s reach to several new markets, particularly in the mid-Atlantic region, where J.G. Wentworth has a strong presence.
“J.G. Wentworth Home Lending's excellent track record of serving first-time and veteran homebuyers make them a perfect addition to Freedom Mortgage,” Freedom Mortgage founder and CEO Stanley Middleman said in the release. “By combining strengths, we'll be able to provide affordable home financing options to even greater numbers of borrowers, so they may achieve the American dream of homeownership. We look forward to working together.”
J.G. Wentworth is licensed in 46 states and the District of Columbia, offering conventional and jumbo purchase loans as well as government-insured FHA, VA and USDA loans. The company sells loans directly to consumers and through traditional retail branches.
“We are very pleased to enter this next chapter in our company's history,” J.G. Wentworth Home Lending President Phil Buscemi said. “Freedom Mortgage shares our commitment to always put borrowers first and our dedication toward leveraging technology to make the financing process as fast and simple for consumers as possible. We look forward to an exciting future together.”