Liberty Mortgage Corporation strengthens its presence in New York State by acquiring the residential mortgage business of Sterling national bank, the main subsidiary of Sterling Bancorp.
The deal represents Freedom Mortgage’s second acquisition in just over a month, as in early July, Freedom officially acquired the origination assets of JPMorgan Chase‘s rural housing business.
Today, Freedom Mortgage takes over the residential lending business of Sterling National, which operates primarily in the New York and Hudson Valley markets.
According to information provided by Freedom Mortgage, mortgage operations from Sterling National “officially passed” to Freedom Mortgage on August 12, 2016.
That transition also included Sterling National’s team of around 70 employees, Freedom Mortgage said.
Under the terms of the agreement, Freedom Mortgage will now handle new mortgage applications from Sterling National Bank clients through this newly acquired team.
Freedom Mortgage also plans to leverage the unit’s capabilities to expand Freedom Mortgage’s presence throughout the New York metro area.
“We look forward to continuing the tradition of excellence that has been the hallmark of Sterling National Bank since 1888,” said Stanley Middleman, CEO of Freedom Mortgage.
“The entire region will benefit from the rapid response, personalized service and full suite of mortgages offered by Freedom in the United States,” added Middleman. “We are delighted to have this excellent group of dedicated professionals on the Freedom Mortgage team.”
Terms of the contract are not disclosed.