President Obama's FHA Fee Reduction Expected to Stimulate Housing Market

Freedom Mortgage says this is good news for homeowners and job seekers

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Jan 19, 2015, 12:35 ET

MOUNT LAUREL, N.J., Jan. 19, 2015 /PRNewswire/ -- Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, has announced it is hiring as many as 500 new employees to accommodate anticipated volume growth following President Obama's reduction of FHA mortgage insurance premiums (MIP). The company has over 2,300 employees nationwide and is among the nation's top ten mortgage lenders.

On Wednesday, January 21, the company is hosting job fairs for prospective loan officers in Jacksonville, Florida and in Mount Laurel, New Jersey from 4:00 pm to 7:00 pm (8:00 pm in Jacksonville), and on Thursday in Mount Laurel from 9:00 am to noon. Applicants for these job fairs should register by emailing [email protected]. Freedom Mortgage is specifically looking for licensed loan officers, loan processors and support personnel. The company is also accepting applications for other opportunities around the county at www.FreedomMortgage.com/jobs.

President Obama's announcement of a .50% reduction in the FHA annual mortgage insurance premium means that borrowers will now pay .85% rather than 1.35% of the loan amount to insure lenders against loss when making FHA loans. Many more borrowers will now qualify for FHA loans and others are expected to be motivated to refinance existing loans in order to obtain lower mortgage payments. With declining interest rates as well as the lower Mi premiums on FHA loans, some estimate as many as three million current FHA borrowers will be moved to refinance following the president's action.

"This reduction in MIP rate is a very significant development for housing and the economy," said Freedom Mortgage President and CEO Stanley C. Middleman. "New home buyers inject life into the economy and create jobs, and lower monthly payments from refinancing result in greater spendable income in every sector. As we expect many Americans to take advantage of the MIP rate reduction we intend to be ready for a surge in volume," he said. "We may end up hiring more than 500 new people to accommodate our growth nationwide."

A simple call to Freedom Mortgage or another mortgage lender can help homeowners determine if refinancing their home loan is right for them. Financial counseling agencies such as the non-profit, Operation HOPE can also assist homeowners with financial and mortgage questions. Their hotline 888-388-4673 (HOPE) is staffed 24 hours a day. www.operationhope.com.

About Freedom Mortgage
Freedom Mortgage Corporation is a national, full service mortgage banker with retail, wholesale, correspondent and commercial origination and servicing operations. The company is licensed in all 50 states, DC and Puerto Rico. Freedom Mortgage maintains an A rating with the Better Business Bureau and is known for using the most advanced technologies and providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey. For more information, please visit www.FreedomMortgage.com. 800-220-3333

PRESS CONTACT
Jim Hennessy
Strategic Vantage Mortgage Public Relations
858-774-0201
[email protected]

CORPORATE CONTACT
Audrey Shapiro
Freedom Mortgage Corporation
856-380-9073
[email protected]

SOURCE Freedom Mortgage Corporation