Home Point Financial, a wholesale and correspondent mortgage lender based in Ann Arbor, Michigan, is the fastest-growing non-bank mortgage lender in America, according to second-quarter data compiled by Inside Mortgage Finance. Home Point increased its loan volume by 98.5% from Q1 2019 through Q2 2019, outpacing several of the nation’s largest lenders, including Wells Fargo (62%), Quicken Loans (43%), United Wholesale Mortgage (61%), and Chase (60%).
“This is a major accomplishment for our team and for the broker and correspondent business partners we serve,” said Phil Shoemaker, CBO at Home Point. “Our goal is to be the best lender for brokers and correspondents. The growth that we’ve experienced shows that our plan is resonating within the market, and it’s really exciting because we’re only getting started. We remain focused on enhancing our platform to empower our business partners and experienced staff to reach new levels of productivity.”
Home Point retains the servicing on over 95% of the loans it originates. The company now has more than 200,000 customers in its servicing portfolio. Many third-party lenders sell the servicing rights for the loans they originate soon after the customer closes on their loan. This can create confusion and communication challenges for borrowers, and disrupts a developing relationship in an important transaction.
“Our business partners are trusting us with their customers, and we understand that our role as the servicer has a huge impact on their reputation and ability to earn repeat business” said Willie Newman, President and CEO of Home Point Financial. “It is for this reason that we are building out an experience that will support the customers’ entire homeownership journey and will create a stronger relationship between Home Point, the customer and our third-party partners. Ultimately, we intend on working with our partners to create customers for life.”
Home Point, in only its fifth year, employs over 1,250 people nationally and is on pace to originate $20 billion in loan volume this year, roughly double their volume from 2019. Through the six-month mark of 2019, Home Point is ranked as a Top 25 overall lender in America, coming in at No. 23 with loan volume of $7.2 billion.