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After selling its correspondent lending business and laying off hundreds of workers last year, Homepoint plans to get out of the business of originating mortgages altogether by selling its wholesale loan business to rival The Loan Store Inc.
Mark Lefanowicz
But in announcing the deal Friday, parent company Home Point Capital Inc. said it will also take an equity stake in The Loan Store, and that Homepoint executive Phil Shoemaker will be installed as The Loan Store’s new chief executive officer. The Loan Store’s current CEO Mark Lefanowicz will serve as executive chairman of the company’s board.
Phil Shoemaker
“I am proud of what we accomplished at Homepoint and thankful for the experience,” said Homepoint’s President of originations, Shoemaker, in a statement. “I’m looking forward to the next chapter at The Loan Store where we will continue making a positive impact within the wholesale lending community.”
Terms of the sale were not announced. But if the deal closes as expected by the end of the second quarter, it will further The Loan Store’s goal to become a leading national wholesale mortgage lender offering “aggressively priced” conventional, jumbo, VA, and non-QM loans, the company said.
Although Homepoint saw its wholesale originations plummet by 68 percent last year to $22.39 billion, it was still the third-largest wholesale lender by origination volume, according to Inside Mortgage Finance.
Brandon Stein
“At The Loan Store, we’ve built an efficient platform that provides what we believe is truly a best-in-class experience for our partners,” said The Loan Store President Brandon Stein in a statement. “Combining that with the visionary leadership of Phil Shoemaker and a highly regarded sales and operations team, The…