Freedom Mortgage And RoundPoint Finalize Merger
Freedom Mortgage Corporation and RoundPoint Mortgage Servicing Corporation announced they have completed their previously announced merger. RoundPoint is now a wholly-owned subsidiary of Freedom Mortgage, one of the nation’s largest full-service mortgage companies and a leader in VA and government-insured lending.
Founded in 2007, RoundPoint services and subservices approximately $75 billion in unpaid principal balance (UPB) of mortgages comprised primarily of agency loans. As a result of the merger, Freedom Mortgage’s combined owned and subserviced mortgage servicing rights (MSR) portfolio is now approximately $310 billion of UPB, elevating the company further up on the list of the 10 largest agency mortgage servicers in the country. The merger also provides Freedom Mortgage with an active subservicing platform and broadens the scope of the company’s co-issue origination network.
“Our transition to the Freedom family has been a great move for us,” said Kevin Brungardt, CEO of RoundPoint. “By combining our unique strengths, resources and expertise, we will realize major operational benefits. Together, we look forward to setting a new standard for mortgage servicing excellence.”
“We are delighted that RoundPoint is now officially part of the Freedom family,” said Stan Middleman, CEO of Freedom Mortgage. “RoundPoint brings over 378,000 new customers to the Freedom ecosystem, and we look forward to the opportunity to make them customers for life. We are excited about the new opportunities that lie ahead.”
Goldman Sachs & Co. LLC served as financial advisor to RoundPoint and Sidley Austin LLP served as legal counsel. Classic Strategies Group served as financial advisor to Freedom Mortgage and Zukerman Gore Brandeis & Crossman LLP served as legal counsel.
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