Mount Laurel-based Freedom Mortgage Corp. announced Thursday it will acquire J.G. Wentworth Home Lending LLC, a subsidiary of J.G. Wentworth Co. and one of the nation’s largest direct and retail home mortgage lenders.
According to a press release, Chesterbrook, Pa.-based J.G. Wentworth Home Lending originates more than $6 billion in annual mortgage volume and manages a $6 billion servicing portfolio. 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.
Terms of the deal were not disclosed.
“J.G. Wentworth Home Lending’s excellent track record of serving first-time and veteran homebuyers make them a perfect addition to Freedom Mortgage,” said Stanley Middleman, founder and chief executive officer of Freedom Mortgage. “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.”