Florida-based Freedom Mortgage Corp., one of the nation’s largest originators and servicers of residential mortgage loans, announced that its indirect parent company, Freedom Superior LLC, has agreed to acquire New York-based Seneca Mortgage Servicing LLC and related entities from EJF Capital LP.
“We are excited to welcome the Seneca team to Freedom and have been impressed with what they have accomplished. We believe that combining Seneca with our premier mortgage operations will create great synergies and deliver exceptional results for Freedom’s investors,” said Greg Middleman, Managing Director of Freedom.
Seneca’s Experienced Team
Seneca is an asset manager of mortgage servicing rights and services the mortgage loans underlying those MSRs, the company said. Once completed, the acquisition will combine Seneca’s experienced team and robust MSR portfolio with Freedom’s well-honed expertise in mortgage servicing and operational excellence.
Freedom said it intends to use the acquisition to enhance Seneca’s operational efficiency and leverage the Seneca platform to create new opportunities to grow its servicing business.
Freedom said it also plans to build out the Seneca platform in order to create new opportunities for outside investors to invest in high-quality mortgage loan assets.
Piper Sandler & Co. served as financial advisor to EJF Capital for the deal.
The deal is among several recent acquisitions in the mortgage industry.
Family-Founded Business
Freedom Mortgage is a family-founded company that has operated since 1990.
It is one of the nation’s top mortgage lenders that is dedicated to expanding homeownership, including first-time homebuyers, as well as U.S. military veterans and service members.
Stanley C. Middleman is the founder and CEO of Freedom Mortgage. He serves on the Residential Board of Governors for the Mortgage Bankers Association and is a member of the Housing Policy Executive Council.
Freedom Mortgage is owned and operated by the Middleman family.
