BluFi Lending, a San Diego-based direct mortgage lender that launched in 2009, is being acquired by Freedom Mortgage Corp. of New Jersey for an undisclosed price.
Freedom Mortgage, a private mortgage lender licensed in 50 states and with a servicing portfolio of about $44 billion, said it will rebrand BluFi’s five offices in California and Nevada as Freedom offices. It’s seeking to use the purchase to gain a foothold in the western part of the nation.
Founded by mortgage veteran John Lee, BluFi originated about $400 million in mortgages last year, up from about $30 million in its first year.
“We are very proud to become members of this highly regarded company,” Lee said.
Stanley Middleman, CEO of Freedom Mortgage, said merging with BluFi will enable his company to expand its ability to serve more people in a greater territory.