Firstplus Financial Group Inc. has completed acquisition of Freedom Mortgage Corp., a 12-year-old mortgage originator based in Salt Lake City.
A spokesman for Dallas-based Firstplus said the company will issue new shares of common stock in exchange for all outstanding shares of Freedom Mortgage, a "pooling of interests."Freedom has nine retail branches in four states, including Utah, Nevada, California and Colorado. It currently generates some $54 million in mortgage loans monthly through its retail offices and its direct mail program.
Kevin Gates, CEO of Freedom Mortgage, said the alliance with Firstplus will allow the firm to double its number of branches to 18 over the next 12 months and increase its loan volume to $75 million per month.