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Freedom Mortgage buys Continental Home Loans.

Mount Laurel, New Jersey-based Freedom Mortgage Corporation announced on Nov. 3 it had reached an agreement to acquire the assets of Continental Home Loans (CHL), Melville, New York, and the staff of CHL, along with management, will become a division of Freedom Mortgage known as CHL Mortgage.

"Continental Home Loans enjoys a sterling reputation and takes pride in being the largest independent FHA [Federal Housing Administration] lender in New York state," said Stanley Middleman, Freedom Mortgage president and chief executive officer.

The addition of CHL Mortgage will bring Freedom Mortgage to a total count of more than 2,000 employees, with more than $2 billion in monthly loan volume, the company said in a press release announcing the deal.

Middleman added, "As Freedom Mortgage's CHL Division, the organization will continue to be led by its exceptional executive team, Mike McHugh, Eric Reeps and Sam Barreta."

McHugh has been president of CHL since 1986. He said, "CHL will continue to operate with the same staff and enhanced systems. All loans will continue to be centrally processed and underwritten out of our Melville, New York, office."

McHugh said all closing practices will remain the same, ensuring the same high quality that borrowers and referral partners associate with the company. McHugh added that the deal puts "the strength and the national brand power of Freedom Mortgage behind us."

Middleman noted that the CHL team is based in New York, New Jersey, the tri-state area and Florida. "CHL's branches represent new markets for Freedom Mortgage," he said. "They fit precisely with Freedom Mortgage's ongoing growth plan and their celebrated reputation for superb service aligns perfectly with our business culture nationwide."

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Title Annotation:NEWS ROOM
Comment:Freedom Mortgage buys Continental Home Loans.(NEWS ROOM)
Publication:Mortgage Banking
Geographic Code:1U2NY
Date:Dec 1, 2014
Words:276
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