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Freedom Eyeing Irwin, But Not Its Servicing?(Freedom Mortgage Co.)(Irwin Mortgage Corp.)
WASHINGTON -- Freedom Mortgage, a moderately sized lender based in suburban New Jersey, is expected to win the bid for Irwin Mortgage Corp., Fishers, Ind., but likely won't get its $20 billion servicing portfolio, sources told Mortgage Servicing News. A source familiar with the deal indicated, however, that Freedom might acquire Irwin's servicing platform.
It is unclear at this point which bidder will get the portfolio, which includes 156,000 loans. Among residential servicers, Irwin Mortgage ranks 36th nationwide, according to figures compiled by MSN and the Quarterly Data Report. At press time, officials at both Freedom and Irwin could not be reached for comment.
IMC is a subsidiary of Irwin Financial Corp., Columbus, Ohio, a commercial bank. Little is known about Freedom, which is based in Mount Laurel, N.J., and was founded in 1990. According to the company's 2004 Home Mortgage Disclosure Act filing with the Federal Reserve, Freedom Mortgage funded $758 million in loans that year. (HMDA results for 2005 will be released in mid-August.) It's believed that Classic Strategies Group LLC, New York, is advising Freedom. Classic Strategies declined to comment.
Irwin has been trying to sell its mortgage division since January.
In February, reports began to ...
- Impending pain: expect big cuts after sale of Irwin unit.(Irwin Financial Corp....
- Magazine article from: Indianapolis Business Journal Andrews, Greg February 27, 2006 700+ words
...but Fishers-based Irwin Mortgage Corp., one of the area...Parent company Irwin Financial Corp. last month put Irwin Mortgage on the selling block...January 2004. Selling Irwin Mortgage "will help our stakeholders...
- Irwin Financial Corp. may sell Irwin Mortgage.(Stories reported in IBJ daily:...
- Magazine article from: Indianapolis Business Journal Donhardt, Tracy January 30, 2006 700+ words
...Columbus, Ind.-based Irwin Financial Corp. may sell Irwin Mortgage Corp., its Fishers...that means for the 600 Irwin Mortgage employees in the company...than expected because both Irwin Mortgage and Irwin Home Equity posted...
- Irwin Unloads $19B of MSRs.(Irwin Mortgage)(Mortgage Servicing...
- Magazine article from: Mortgage Servicing News Muolo, Paul November 1, 2006 700+ words
...Citigroup has acquired a majority of Irwin Mortgage's $19 billion servicing portfolio...book an $11 million loss on the deal. Irwin Mortgage of Fishers, Ind., is owned by Irwin Financial Corp., a Columbus, Ind.-based bank...
- Irwin Mortgage CEO to get $944,000 to stay through sale.(Brief Article)
- Magazine article from: Indianapolis Business Journal Donhardt, Tracy February 6, 2006 700+ words
Robert Griffith, CEO of Irwin Mortgage Corp., will receive $944,000 in payments...filing says. Columbus, Ind.-based Irwin Financial Corp. announced Jan. 25 it might sell Irwin Mortgage, its Fishers-based mortgage-lending subsidiary...
- Sale of Irwin Mortgage Getting Closer?(Brief article)
- Magazine article from: Mortgage Servicing News Muolo, Paul July 1, 2006 700+ words
...IN -- The sale of Irwin Mortgage here, a top 40 ranked...parent company, Irwin Financial Corp., Columbus, Ohio...giant New Century Financial Corp., Irvine, Calif...publicly traded. Irwin Mortgage ranks 35th among residential...
- Sale of Irwin Mortgage Getting Closer?
- News wire article from: Mortgage Line Muolo, Paul July 25, 2006 700+ words
...IN -- The sale of Irwin Mortgage here, a top 40 ranked...parent company, Irwin Financial Corp., Columbus, Ohio...giant New Century Financial Corp., Irvine, Calif...publicly traded. Irwin Mortgage ranks 35th among residential...
- Irwin Mortgage Seeks New Branches For Aggressive Growth.(Company Profile)
- Magazine article from: Origination News Dymi, Amilda November 1, 2002 700+ words
Irwin Mortgage Corp. is engaged in a rapid branch expansion plan aiming to "aggressively...Established as Inland Mortgage Co. in 1944, IMC is one of five Irwin Financial Corp. subsidiaries: Irwin Union Bank and Trust, Irwin Home Equity Corp...
- Irwin Mortgage's Diversity Program Receives National Recognition.
- Press release article from: PR Newswire December 5, 2005 700+ words
...5 /PRNewswire-FirstCall/ -- Irwin Mortgage Corporation won a prestigious Corporate...competition with lenders nationwide, Irwin Mortgage won the 2005 CDL Award for Best Overall...National). The award acknowledges Irwin Mortgage's efforts to help employees value...
- Irwin Mortgage Corporation Announces Duncan Y. Chiu as Head of Loan...
- Press release article from: PR Newswire November 4, 2003 700+ words
Irwin Mortgage Corporation today announced the addition of...to Robert H. Griffith, president and CEO of Irwin Mortgage. He succeeds William Meyer, who is retiring from Irwin Mortgage after 21 years with the company. Mr. Chiu...
- Irwin Mortgage Corporation Opens New Headquarters.
- Press release article from: PR Newswire May 29, 2003 700+ words
Irwin Mortgage Corporation, a division of Irwin...are very excited about the future of Irwin Mortgage and pleased to be building on this...Griffith, President and CEO of Irwin Mortgage Corporation. Irwin Mortgage Corporation...
Source: HighBeam Research, Freedom Eyeing Irwin, But Not Its Servicing?(Freedom Mortgage...