Freedom Mortgage Corporation acquired the Mortgage Banking Business from New York Community Bank

New York Community Bancorp announced that it has entered into an agreement to sell its mortgage banking business, which was acquired as part of its 2009 FDIC-assisted acquisition of AmTrust Bank, to residential mortgage industry leader, Freedom Mortgage Corporation. Freedom will acquire both our origination and servicing platforms, as well as our mortgage servicing rights portfolio with a current aggregate unpaid principal balance of approximately $21bn. It is expected that Freedom will retain certain employees from the Company’s Cleveland, Ohio mortgage banking business and plans to maintain operations in the area. The transactions are expected to close during the third quarter of 2017, subject to certain closing conditions, and, on a combined basis, result in a gain on sale of approximately $90m on a pre-tax basis.