Homepoint New Build partners mortgage brokers
with regional independent builders to accelerate new
construction
ANN
ARBOR, Mich., April 14,
2022 /PRNewswire/ -- A new partnership in the
wholesale mortgage lending industry is aimed at sparking more
widespread development of new homes, alleviating the inventory woes
that currently plague the real estate market. Announced today, the
Homepoint New Build program connects thousands of regional
homebuilders throughout the country with increased access to
capital through its nationwide network of local independent
mortgage brokers to accelerate new home construction.
The program is offered by Ann Arbor,
Michigan-based Homepoint, the nation's third-largest
wholesale mortgage lender, in partnership with Level Capital, a
national private portfolio lender.
"The housing supply shortage that we're experiencing nationwide
can't singularly be attributed to supply chain issues or even the
time-consuming process required to build a home. The reality is
that there are thousands of smaller home builders that have been
effectively sidelined or restricted to a few builds each year
because they're under-supported in terms of financed capital," said
Phil Shoemaker, President of
Originations at Homepoint. "We've partnered with Level Capital to
build a stronger foundation of capital for those builders to
drastically increase their workload capabilities, which will
ultimately increase the pace and abundance of new home builds
throughout the country."
Homepoint New Build connects builders with business purpose
construction financing through in-region independent mortgage
brokers that is less expensive and more accessible than through
banks, credit unions or hard-money lenders. Under this program,
Brokers can help builders close new construction loans for
single-family residences, multifamily homes, condos, and townhomes.
Loan amounts can be as much as $4
million per unit or $25
million per project.
"There is tremendous opportunity for small to midsize home
builders throughout the country to boost the nation's housing
supply which could have a leveling effect on housing prices," said
Brady Yeager, President of Level
Capital. "We strongly believe that mortgage brokers can provide
builders with a more efficient process, better technology, market
and project risk analysis via our Level Tech platform."
Homepoint New Build is currently available in 10 states:
Arizona, California, Colorado, Florida, Idaho, Montana, Oregon, Texas, Utah,
and Washington. Three additional
states – Nevada, New Mexico and North
Carolina – are coming soon.
About Homepoint
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ:
HMPT), is one of the nation's leading mortgage originators and
servicers, putting people front and center of the homebuying and
homeownership experience. The company supports successful
homeownership as a crucial element of broader financial security
and well-being through delivering long-term value beyond the loan.
Founded in 2015 and headquartered in Ann
Arbor, Michigan, Homepoint works with a nationwide network
of more than 8,500 mortgage brokers and correspondent partners with
deep knowledge and expertise about the communities and customers
they serve. Today, Homepoint is the nation's third-largest
wholesale mortgage lender and the 7th-largest non-bank mortgage
lender.
Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706
(For licensing information, go to: nmlsconsumeraccess.org). Home
Point Financial Corporation does not conduct business under the
name, "Homepoint" in KY, LA, MD, NY, or WY. In these states, the
company conducts business under the full legal name, Home Point
Financial Corporation. 2211 Old Earhart Road, Suite 250,
Ann Arbor, MI 48105. Toll-Free
Tel: 888-616-6866.
Media Contact:
Brad
Pettiford
Director of Public
Relations
(734) 356-3092
bpettiford@hpfc.com
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SOURCE Homepoint