HELOC positions brokers as key support system
for homeowners
ANN
ARBOR, Mich., Nov. 7, 2022
/PRNewswire/ -- Homepoint, one of the nation's largest wholesale
mortgage lenders, today announced the launch of its new Home Equity
Line of Credit (HELOC) in 38 states and Washington, D.C., available through its
network of mortgage broker partners. The company plans to expand
the list of HELOC-eligible states in the coming months.
The Homepoint HELOC is essentially a 100% digital lending
platform experience from application to closing, requiring minimal
uploading of income and asset documents. Depending on a borrower's
credit attributes, Homepoint may be able to provide same day
approval and fund a HELOC within five business days of final
approval.
"This new home equity line of credit is another way we're aiming
to position mortgage brokers at the forefront of consumers' minds
when it comes to home affordability and maximizing the value of
their home," said Phil Shoemaker,
President of Originations at Homepoint. "Brokers are more than
their title indicates – they are truly capable of serving as
stewards for stronger overall financial health. The Homepoint HELOC
enables brokers to build stronger relationships within their
communities by helping homeowners achieve their goals."
The Homepoint HELOC is a standalone line of credit, with a fixed
interest rate determined at each draw calculated using the stated
Index, plus a margin. Our HELOC product offering equips independent
loan originators with a tool to help their customers use their
available home equity to pay off debts, fund home improvement
projects or make other monthly payments more manageable.
Homepoint's HELOC product enables eligible borrowers to access
$20,000 to $400,000 of their home's equity as a line of
credit with either a 5-, 10-, 15- or 30-year term and 2- to 5-year
draw terms, while maintaining at least 15% equity in their home.
There is no pre-payment penalty. It is available on single unit
owner-occupied properties, as well as single unit second homes and
investment properties.
About Homepoint
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ:
HMPT), is one of the nation's leading mortgage originators, 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 8,700 mortgage broker partners with deep knowledge and
expertise about the communities and customers they serve.
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, 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