Mortgage Solutions of Colorado, doing business as Freedom Financial Services, has been approved as a direct seller under the Federal Home Loan Mortgage Corporation, known as Freddie Mac.
The decision increases the company’s ability to provide additional financing options to consumers in a competitive marketplace, said Roy Clennan Founder and CEO of Mortgage Solutions.
Freddie Mac is a government-sponsored program with the intent of expanding the secondary market for mortgages. The FHLMC Seller status is final step for Mortgage Solution in cementing a direct relationship with the top three lending entities, Clennan said.
Earlier this year, Mortgage Solutions was approved to sell under Ginnie Mae, which allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available. Mortgage Solutions has been approved to sell with Fannie Mae since 2009. Fannie Mae is a government-sponsored enterprise chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.
Clennan founded the Colorado-based mortgage bank in 1997. Mortgage Solutions is licensed in 16 states and plans on growing operations for both their wholesale and retail lending channels.