Buyers can compete with all-cash offers, then
secure mortgage with lower wholesale rates, fees and life-of-loan
expenses
ANN
ARBOR, Mich., May 10, 2022
/PRNewswire/ -- Independent loan originators, a popular choice
among homebuyers because of the lower upfront fees and mortgage
rates they generally offer compared to larger national lending
chains, are now connecting people with the cash needed to buy
homes. Homepoint, the nation's third-largest wholesale mortgage
lender that funds loans through independent loan originators
nationwide, announced today the launch of Homepoint Cash Compete
powered by Accept.inc, a fintech platform that provides short-term
warehouse lines for cash offers with select lenders. The cash buyer
program enables independent loan originators nationwide to
effectively transform borrowers into all-cash buyers.
"Homepoint Cash Compete levels the playing
field for borrowers who need a loan to buy the home of their
dreams."
With cash offers being four-times more likely to win a home,
Homepoint Cash Compete equips traditional, mortgage-seeking
homebuyers with the financing to compete with investors and other
offers in competitive markets. It also allows them to benefit from
the lower wholesale mortgage rates, fees and life-of-the-loan
expenses than are traditionally offered by big banks and
direct-to-consumer lenders, saving $8,000 on average, according to recent Home
Mortgage Disclosure Act (HMDA) data.
"All-Cash offers from competing buyers or investors are the
biggest obstacle that financing homebuyers face in today's
hyper-competitive markets. Homepoint Cash Compete levels the
playing field for those borrowers who need a loan to buy the home
of their dreams," said Phil
Shoemaker, President of Originations at Homepoint. "By
combining all-cash offers with the lower rates and fees associated
with wholesale lending, independent originators give homebuyers and
their real estate agents the best shot at closing deals and saving
money."
With Homepoint Cash Compete, homebuyers can close a cash home
purchase loan with Accept.inc in as few as 10 business days,
without an appraisal or financing contingency. After the cash
purchase is complete, the homebuyer will work with their loan
originator to complete the underwrite of the conventional loan
application to refinance the cash home purchase loan into a
permanent traditional mortgage loan – generally within 30 calendar
days of home purchase.
"Cash offers always get preferential treatment from home
sellers, so as our program becomes more widespread it has a
profound impact on prospective buyers' ability to stand out from
the competition," said Adam Pollack,
CEO of Accept.inc. "We are excited to partner with Homepoint to
strengthen the homebuying power of hundreds of thousands of
homebuyers and real estate agents who can benefit from the
expertise of independent mortgage originators."
Homepoint Cash Compete is currently available to homebuyers in
California, Colorado, Minnesota, Oregon, and Washington, and will be expanding.
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 8,300 independent loan originators 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.
About Accept.inc
Accept.inc empowers buyers who qualify for a mortgage to submit
all-cash offers on homes. Accept.inc's mission is to make a cash
offer on every home, leveling the playing field for all. The
company ensures that agents, buyers, and sellers equally benefit in
the transaction, all in the service of accelerating access to
homeownership. Founded in 2016 by Y Combinator alumni Adam Pollack, Nick
Friedman, and Ian Perrex, Accept.inc is headquartered in
Denver, CO. Follow Accept.inc on
Twitter and Instagram and LinkedIn or visit Accept.inc.
Media Contact:
Brad
Pettiford
Director of Public
Relations
(734) 356-3092
bpettiford@hpfc.com
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SOURCE Homepoint