Freedom Mortgage: Is Freedom a good lender to borrow from?

Freedom mortgage is a privately-owned full-service mortgage provider that is present in all 50 states. 

Table of Contents:

Is Freedom Mortgage a real company?

What bank owns Freedom Mortgage?

Is Freedom Mortgage a financial institution?

How many employees does Freedom Mortgage have?

How do I order a payoff on my Freedom Mortgage?

Why was my mortgage sold to Freedom Mortgage?

Is Freedom Mortgage only for veterans?

How many locations does Freedom Mortgage have?

Does Freedom Mortgage do reverse mortgages?

How many customers does Freedom Mortgage have?

Can I pay my Freedom Mortgage with a credit card?

What are the four loan types Freedom Mortgage Corporation services?

Does Freedom Mortgage have an app?

Who is the president of Freedom Mortgage?

Is Freedom Mortgage the same as RoundPoint mortgage?

Is Freedom Mortgage a real company?

Freedom Mortgage was first established in 1990, the company has remained family-owned and operated. Currently, this mortgage lender is available to people in all 50 U.S. states and Washington, D.C. The Freedom mortgage company offers a wide variety of mortgage products which include refinancing loans, FHA, VA, and USDA loans. 

What bank owns Freedom Mortgage?

Freedom Mortgage is not owned by any bank. The company is owned and operated by the Middleman family and it is a mortgage lending company. Stanley C. Middleman is the founder, president, and CEO of the Freedom Mortgage Corporation. Other than their mortgage services they do not offer other financial services that are commonly found in banks. This is because the company is not a banking institution nor is it owned by one. 

Is Freedom Mortgage a financial institution?

Financial institutions are those that deal with monetary transactions, including loans. By that definition, Freedom mortgage is a financial institution as its services are monetary. Freedom Mortgage offers a variety of different mortgage options to clients in all 50 states. The company is privately owned, but it is a full-service mortgage lender as such, even though it offers no other financial services Freedom Mortgage is considered a financial institution. 

• Freedom Mortgage Corporation is a privately owned full-service mortgage lender
• They offer all four types of mortgages, including VA, conventional, FHA, and USDA 

How many employees does Freedom Mortgage have?

Based on one of the latest press releases published by Freedom Mortgage, with the addition of 1,200 new employees, they have brought their nationwide employee count to over 7,000. The company also has plans to add another 3,000 employees to their payroll which should bring their total employee number to around 10,000. 

How do I order a payoff on my Freedom Mortgage?

If you are trying to request a payoff amount for your mortgage with Freedom mortgage then you have four different options. 

1. Online

If you log onto your account on Freedom Mortgage you will see that there is a Payoff request that you can fill out and send online. This is one of the easiest ways of making the request as you can complete everything online and on your own time. 

2. Phone 

Freedom Mortgage has excellent customer support that can be contacted through their phone number. If you are looking for a payoff request you can simply dial 855-690-5900 from Monday through Friday from 8 a.m. to 10 p.m., and Saturday from 9 a.m. to 6 p.m. Eastern Time, to put through your request. While this way of doing it is easy if the hours that they have assistance presence do not correspond with the hours that you have available to finish this job you may have some trouble filing the request. 

3. Fax

Requests for mortgage payoff can also be sent through fax to the appropriate number. That is, you will need to send the request through fax at (866) 505-0948. 

4. Mail

Finally, if you are not looking to make the request digitally you can mail your request to P.O. Box 50428, Indianapolis, IN 46250-0401. Once Freedom Mortgage has received your request, they will send through the necessary payoff form.

Why was my mortgage sold to Freedom Mortgage?           

It is not uncommon for your mortgage to be sold to a different mortgage lender or company. Normally, what that will mean for you is that you will have new mortgage servicers handling your loan and collecting the monthly payments from it. In essence, nothing changes for you other than the fact that you will now need to make the monthly payments to a different account. 

It should also be noted that in any case of transferring your loan or selling it, your new mortgage servicer is required to provide you with a loan ownership transfer notice. Therefore, there is no way in which you will not be informed about the change in the ownership of your loan. If your mortgage is sold to Freedom Mortgage then you will need to ensure that you are sending the payments for your mortgage to the correct account which should be one owned and provided by Freedom mortgage. 

Is Freedom Mortgage only for veterans?

Freedom Mortgage has mortgage options for everyone, including veterans. The only loan that Freedom Mortgage offers that is only available to Veterans is the VA loan. The VA loan is a specific loan product that is backed by the government and made available only to veterans, active-duty military personnel, and the spouses of military personnel. This is the only product that is not available to the general public and is instead fully focused on veterans. 

Benefits of VA loans: 

• No down payment, or a very low one if requested by the lender
• Private Mortgage Insurance is not required
• Government guarantee allows for more favorable terms and rates
• There is no prepayment penalty
• Lower Closing costs
• Require lower credit scores or can be easier to get
• VA loans are assumable. 

How many locations does Freedom Mortgage have?

Freedom Mortgage is licensed in all 50 states. They also have 100 branches in total in multiple different states. The company is also licensed to operate in the District of Columbia, Puerto Rice, and the U.S. Virgin Islands. Their main offices are in Mount Laurel, NJ, United States.  Freedom mortgage does not offer a full list of all of their locations on their website.

Does Freedom Mortgage do reverse mortgages?

Freedom mortgage does not offer reverse home loans. They also do not have any home equity loan or HELOC options for their clients. However, if you are looking for better options for your mortgage, they do offer a refinancing service that can help get better terms for paying off your mortgage. For their refinancing mortgage, they do not have the rates widely available online, so you would need to contact them directly to find out what options are available to you and at what rate. 

How many customers does Freedom Mortgage have?

In their report in 2019 Freedom Mortgage noted that they were servicing over 1.1 million homeowners across the United States and that their services represented over $220 billion in mortgage loans. In 2020, they reported that their mortgage service was provided to another 500,000 consumers and that the overall number of homeowners that they represented is over 1.5 million. While they have not put out a report for 2021 yet, it is safe to say that the number of customers that they currently have should fall somewhere between 1.5 and 2 million. 

Can I pay my Freedom Mortgage with a credit card?

Paying your mortgage with a credit card can sometimes be an option if you use third-party or external tools. Normally using a third-party payment service will mean that you are going to pay some fees associated with the service that you are using. Once you have made the payment with your credit card then the third-party service you have chosen will make sure to deposit the correct amount to your mortgage lender. This is true for any mortgage, including Freedom Mortgage loans. The Freedom Mortgage company does not on its own provide the option of paying with a credit card. As such you will need to find a third-party service that is trustworthy and can work with your mortgage payment. 

• Freedom Mortgage does not inherently offer the option to pay for your mortgage using a credit card
• Third-party services can be used by those who are looking to pay for their mortgage through their credit card
• Third-party services usually have high fees associated with this service

What are the four loan types Freedom Mortgage Corporation services?

According to most Freedom Mortgage reviews, the company appears to offer a nice variety of home loans that can cover the needs of many different consumers. The four main mortgage options that are offered through the Freedom Mortgage corporation are: 

1. Conventional 

A conventional loan is one that is not back or offered by a government entity, instead, it is a product entirely designed by the mortgage lender you have chosen. 

2. USDA

USDA loans are competitively priced mortgages designed to help low-income individuals living in specific pre-defined rural areas. Usually, these loans often have lower interest rates than the ones found in conventional loans. 

 3. VA

VA mortgages are provided by mortgage lenders, but a part of the loan is guaranteed by the government. What makes these loans unique is that many times they do not require a down payment, they have lower interest rates than regular loans, and there are fewer closing costs. There is also no Private mortgage insurance associated with these loans. 

4. FHA

An FHA loan is a Federal Housing Administration loan that can be provided by approved lenders. These mortgages are insured by the FHA and usually, they require a much lower credit score and down payment than the one required by conventional loans. 

Freedom Mortgage offers products in all four of these categories of mortgages, that are available on their website. While the rates for each product are not always disclosed by contacting them directly you should be able to find out the best option for your needs. 

Does Freedom Mortgage have an app?

Freedom Mortgage does appear to have an app in the app store, however, the reviews for this app are not positive as there have been many people noting that they are unable to access their mortgage information or make payments through the app. Their online service seems to be functioning much better and it is often preferred by those who want to take care of their mortgage without having to visit a branch. 

Who is the president of Freedom Mortgage?

The President and CEO of Freedom Mortgage are Stanley C. Middleman. Stanley Middleman is also the founder of the company, and as Freedom Mortgage is a family privately owned company Stanley Middleman and his family own the shares of the company. 

Is Freedom Mortgage the same as RoundPoint mortgage?

RoundPoint mortgage used to be a mortgage lending company that was completely independent of Freedom Mortgage. However, in 2020 the Freedom Mortgage Corporation and RoundPoint Mortgage Servicing corporation announced that they have now completed the merger. This means that RoundPoint became a wholly-owned subsidiary of Freedom Mortgage. With this acquisition freedom Mortgage became of the largest full-service mortgage companies in the United States. 

• Roundpoint brought over 300,000 clients to Freedom Mortgage
• The acquisition of RoundPoint was completed in 2020 

Summary

Freedom Mortgage offers a wide variety of mortgage products in all four categories, FHA, VA, Conventional, and USDA. This means that they usually have competitive rates and a loan for everyone. However, they are not as transparent about their rates as other mortgage lenders are. This means that normally they do not disclose their mortgage or refinancing rates on their website. They also do not offer home equity or reversed loans so for those interested in those types of services, Freedom Mortgage is more likely not the best option for you.