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Freedom Mortgage Acquires BluFi Lending

MAY 5, 2014 12:02pm ET
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Freedom Mortgage in Mount Laurel, N.J., is expanding its retail lending footprint in the Western U.S. by purchasing the assets of BluFi Lending.

Terms of Monday's transaction were not released.

BluFi is a mortgage lender with a total of five branches in California and Nevada. The San Diego-based company originated over $400 million in residential mortgages last year.

"Given the financial strength and commitment of Freedom Mortgage to grow its retail business, we are proud to become members of this highly regarded company," said BluFi CEO John Lee in a press release.

"Assisting future homebuyers with an easy loan process to homeownership is our goal, and we will be able to achieve more with Freedom Mortgage."

In late December, Freedom named Donald Herd as the company's first vice president of business development for its retail division.

Freedom Mortgage is a privately held residential mortgage lender licensed in all 50 states. The company has a $44 billion servicing portfolio.

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