In a deal that took more than a year to come together, Freedom Mortgage Corp. announced that it had bought RoundPoint Mortgage Servicing Corp.
The deal was labeled a merger, even as RoundPoint becomes a subsidiary of Freedom Mortgage. Freedom will have $310 billion in unpaid principal balance (UPB) in its portfolio, among the 10 largest servicers in the country.
Freedom first announced the move in May 2019, before the two sides found difficulty closing it in early 2020, and then found the deal on hold as the pandemic broke out.
“We are delighted that RoundPoint is now officially part of the Freedom family,” Freedom Mortgage CEO Stan Middleman said in a release announcing the completion. “RoundPoint brings over 378,000 new customers to the Freedom ecosystem, and we look forward to the opportunity to make them customers for life. We are excited about the new opportunities that lie ahead.”
Founded in 2007, RoundPoint services and subservices $75 billion in UPB of mortgages, comprised primarily of agency loans. The acquisition by Freedom provides the company with an active subservicing platform and broadens the scope of the its co-issue origination network.
“Our transition to the Freedom family has been a great move for us,” RoundPoint CEO Kevin Brungardt stated. “By combining our unique strengths, resources, and expertise, we will realize major operational benefits. Together, we look forward to setting a new standard for mortgage servicing excellence.”
Goldman Sachs & Co. LLC served as financial advisor to RoundPoint and Sidley Austin LLP served as legal counsel. Classic Strategies Group served as financial advisor to Freedom Mortgage and Zukerman Gore Brandeis & Crossman LLP served as legal counsel.
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August 25, 2020 at 10:30PM
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