December 18, 2017 5:42 PM ET

Thrifts and Mortgage Finance

Company Overview of Freedom Mortgage Corporation

Company Overview

Freedom Mortgage Corporation, doing business as Jefferson Home Mortgage and Loan, LLC, provides residential mortgage lender services. The company is a mortgage banker and provides origination and servicing through retail, wholesale, correspondent, and commercial divisions. It offers business solutions, such as commercial real estate lending, correspondent lending, freedom mortgage partner group, renovation lending, small business lending, and wholesale services. The company also provides mortgage refinancing, fist-time homebuyer services, refinance with cash out, and FHA loans; and VA financing for active military, veterans, and surviving spouses. It serves its customers in the United States...

907 Pleasant Valley Avenue

Suite 3

Mount Laurel, NJ 08054

United States

Founded in 1990





Key Executives for Freedom Mortgage Corporation

Chief Executive Officer
Age: 63
President of Correspondent Lending Division
National Sales Director of Correspondent Lending
Regional Sales Director of the Midwest
Regional Sales Director of the Southwest and South Central Areas
Compensation as of Fiscal Year 2017.

Freedom Mortgage Corporation Key Developments

Freedom Mortgage Corporation Issues Layoffs in its South Jersey Operations

Freedom Mortgage Corp. has issued layoffs in its South Jersey operations. The company declined to release a specific number of affected employees but did confirm the cuts. Freedom has not filed a WARN notice with the New Jersey Department of Labor and Workforce Development, but a source told the Philadelphia Business Journal the number of affected employees is not insignificant. WARN notices are required when an employer with at least 100 employees closes a plant or institutes a mass layoff -defined as affecting 50 to 499 employees if the number impacted accounts for at least 33% of that employer's active workforce, or 500 or more employees. The company now has seven different South Jersey locations that accommodate roughly 2,000 of its more than 5,500 employees. That means anywhere from as many as 499 of Freedom's workers could be laid off without triggering the need for a WARN notice.

Freedom Mortgage Corporation to Pays $113 Million to Settle False Claims Act Violations

Freedom Mortgage Corp. has agreed to pay $113 million to settle allegations that it violated the False Claims Act by knowingly originating and underwriting single family mortgage loans insured by the Federal Housing Administration (FHA) that did not meet applicable requirements for the FHA insurance program. As part of the settlement, prosecutors said Freedom Mortgage admitted the facts: Between Jan. 1, 2006, and Dec. 31, 2011, it certified mortgage loans for FHA insurance that did not meet U.S. Department of Housing and Urban Development underwriting requirements and were therefore not eligible for FHA mortgage insurance. Prosecutors said the lender did not adhere to FHA's quality control (QC) requirements. Between 2006 and 2008, Freedom did not share its early payment default (EPD) QC reviews with production and underwriting management, nor did it require responses to its EPD QC findings from its production or underwriting staff. Due to staffing limitations between 2008 and 2010, prosecutors said Freedom Mortgage did not always perform timely QC reviews or perform audits of all EPD loans, as required by HUD. An EPD is a loan that becomes 60 days past due within the first six months of the loan. The EPD QC reviews, the ones Freedom Mortgage did perform, revealed high defect rates, exceeding 30% between 2008 and 2010. Yet, between 2006 and 2011, prosecutors said Freedom Mortgage did not report a single improperly originated loan to HUD, despite its obligation to do so. In 2012, after identifying hundreds of loans that "possibly should have been self-reported to HUD," prosecutors said it reported only one. As a result, HUD insured hundreds of loans that were not eligible for FHA mortgage insurance and subsequently incurred substantial losses when it paid insurance claims on those loans.

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