MOUNT LAUREL, N.J., Sept. 18, 2006 (PRIMEZONE) -- Freedom Mortgage Corporation today announced it has closed on its acquisition of Irwin Mortgage Corporation's (IMC) loan origination platform and related headquarters operations from Columbus, Ind.-based Irwin Financial Corporation (NYSE:IFC). Through the deal, Freedom Mortgage is purchasing approximately $350 million in assets.
This transaction strengthens Freedom's position as one of the largest privately held mortgage companies in the nation. Detailed terms of the transaction were not disclosed.
The acquisition will bring Freedom from $3 billion in annual sales to approximately $12 billion. Now that the deal is inked, Freedom boasts more than 1,500 employees in 150 offices nationwide.
"Freedom has for years been a successful company, and Irwin Mortgage offers exceptionally strong platforms in retail, direct, wholesale and correspondent delivery channels. This acquisition will catapult Freedom to a new level," said Freedom CEO Stan Middleman.
Through this purchase, Freedom has acquired IMC's distribution channels and gained access to its workforce, thus creating an enhanced presence for Freedom in many markets across the United States.
Prior to the acquisition, Freedom served primarily the Mid-Atlantic, Northeast, and California markets. The acquisition of IMC expands Freedom's reach into the Southeast, Midwest, Arizona and Florida.
"When we first heard about this opportunity, we saw it as a chance to buy what we consider one of the great franchises in the mortgage business," said Freedom Senior Vice President Brian Simon. "IMC is an established leader with a proven origination platform, and this acquisition creates a winning combination."
About Freedom
Privately held Freedom Mortgage Corporation is a licensed mortgage banker that has been lending to residential homeowners since 1990. Headquartered outside of Philadelphia in Mount Laurel, New Jersey, Freedom's mortgage and finance professionals provide a wide range of residential mortgage products and high quality of customer service through consistent communication and a true desire to help customers finance home purchases.