Freedom Mortgage Corporation to Purchase Irwin Mortgage Loan Production Platform
August 07 2006 - 10:00AM
PR Newswire (US)
Transaction meets Freedom's objective for strategic, aggressive
growth MOUNT LAUREL, N.J., Aug. 7 /PRNewswire/ -- Freedom Mortgage
Corporation announced today that it has signed a definitive
purchase agreement to acquire from Irwin Financial Corporation
(NYSE:IFC) the mortgage production operations of its wholly-owned
subsidiary, Irwin Mortgage Corporation. This transaction will
strengthen Freedom's position as one of the largest privately held
mortgage companies in the nation. Terms of the transaction were not
disclosed. "Freedom is a thriving company, and Irwin Mortgage
offers exceptionally strong platforms in retail, direct, wholesale
and correspondent delivery channels. IMC is a proven leader with
sophisticated systems, and this acquisition creates a winning
combination," Freedom CEO Stan Middleman said. "This transaction
meets Freedom's objective for strategic, aggressive growth,"
Middleman continued. "Through this purchase, we acquire Irwin's
deep distribution channels and gain access to their talented
workforce. It creates an instant presence for Freedom in many
desirable markets. The Irwin footprint complements ours with
virtually no redundancy." Freedom currently serves primarily the
Mid-Atlantic, Northeast, and California through the Northwest. The
acquisition of Irwin expands Freedom's reach into the Southeast,
Midwest, Arizona and Florida. With the purchase of Irwin Mortgage's
production operations, Freedom will add nearly 40 offices, bringing
its total reach to nearly 150 offices nationwide. Classic
Strategies Group, LLC advised Freedom Mortgage Corporation and
JPMorgan advised Irwin Financial Corporation. 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. DATASOURCE: Freedom Mortgage
Corporation CONTACT: Susan Matthews of Borshoff Johnson Matthews,
+1-317-631-6400 - office, or +1-317-590-3202 - mobile, , for
Freedom Mortgage Corporation
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