Freedom Mortgage Corporation Review – Mortgage Bankers in Mount Laurel, NJ – BBB Business Review


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Mortgage Service provider
Conventional, VA, FHA, Jumbo, and USDA, adjustable-rate and fixed-rate mortgages.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Freedom Mortgage Corporation meets BBB accreditation standards. which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business’ products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business’ product quality or competency in performing services.

Reason for Rating

Factors that raised the rating for Freedom Mortgage Corporation include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 462 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Customer Complaints Summary Read complaint details

462 complaints closed with BBB in last 3 years | 344 closed in last 12 months

Government Actions

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

On April 15, 2016, Freedom Mortgage Corporation entered into a settlement agreement with the United States Department of Justice on behalf of The Department of Housing and Urban Development (HUD). The agreement settles allegations that, between January 2006 and December 2011, the business violated the False Claims Act by knowingly originating and underwriting single family mortgage loans insured by the U.S. Department of Housing and Urban Development s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements for the FHA insurance program,

The settlement resolves allegations that Freedom Mortgage Corporation failed to comply with certain FHA origination, underwriting and quality control requirements. As part of the settlement, Freedom Mortgage Corporation admitted to the following facts: Between January 1, 2006 and December 31, 2011, it certified mortgage loans for FHA insurance that did not meet HUD underwriting requirements and were therefore not eligible for FHA mortgage insurance. Additionally, Freedom Mortgage Corporation did not adhere to FHA s quality control (QC) requirements. Between 2006 and 2008, Freedom Mortgage Corporation did not share its early payment default (EPD) QC reviews with production and underwriting management, nor did it require responses to its EPD QC findings from its production or underwriting staff. Due to staffing limitations between 2008 and 2010, Freedom Mortgage Corporation did not always perform timely QC reviews or perform audits of all EPD loans, as required by HUD. An EPD is a loan that becomes 60 days past due within the first six months of the loan. The EPD QC reviews that Freedom Mortgage Corporation did perform revealed high defect rates, exceeding 30 percent between 2008 and 2010. Between 2006 and 2011, Freedom Mortgage Corporation did not report any improperly originated loans to HUD despite its obligation to do so. Additionally, in 2012, after identifying hundreds of loans that possibly should have been self-reported to HUD, it reported only one. As a result of Freedom Mortgage Corporation s conduct, HUD insured hundreds of loans that were not eligible for FHA mortgage insurance under the DEL program, and that HUD would not otherwise have insured and subsequently incurred substantial losses when it paid insurance claims on the ineligible loans approved by Freedom Mortgage Corporation.

Under the terms of the settlement agreement, the business agreed to pay the United States $113 million in restitution. The Settlement Agreement is neither an admission of liability by Freedom Mortgage Corporation nor a concession by the United States that its claims are not well founded. For more details go to https://www.justice.gov/opa/file/841661/download.

Advertising Review

BBB has nothing to report concerning Freedom Mortgage Corporation s advertising at this time.

Additional Information

BBB file opened: октября 30, 1991 Business started: 03.20.1990 in NJ Business started locally: 03.01.1990 Business incorporated 03.20.1990 in NJ

Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

NMLS – Nationwide Mortgage Licensing System Registry

The number is 2767.

Type of Entity
Business Management

Stanley Middleman, CEO

Contact Information

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Professional Affiliations X

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

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BBB Complaint Process

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What government actions does BBB report on?

BBB reports on known government actions that are relevant to the business’s marketplace dealings with the public.

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