Home Point Financial, a subsidiary of Home Point Capital, a financial services holding company founded in 2014 and owned by members of management and by investment funds managed by Stone Point Capital, is launching a bigger mortgage banking business.
Earlier this month, Home Point announced the acquisition of Maverick Funding, with Maverick’s business becoming Home Point’s initial mortgage banking platform.
The acquisition of Maverick Funding brought 30 retail branches from 10 states and a national third-party lending operation under Home Point’s umbrella.
“The acquisition of Maverick provides us with a strong entry point into mortgage banking,” said Willie Newman, CEO and president of Home Point Financial. “We intend on leveraging and expanding the core capabilities provided by the Maverick acquisition into a diverse, vertically integrated national mortgage banking organization.”
The company now refers to itself as a nationwide mortgage banking business focused on multi-channel residential mortgage origination and servicing.
But the acquisition of Maverick Funding isn’t the only big move Home Point is making in its push to expand its mortgage operations. Previously, Home Point provided wholesale lending.
Home Point announced Monday that it agreed to take on several mortgage origination branches and operations from Great Plains National Bank.
According to Home Point, the transition began last week with seven Great Plains branches becoming part of Home Point Financial. In the coming months, two additional branches and the remote mortgage banking operations team will move from Great Plains to Home Point Financial.
The companies expect the transition to be completed by June 30.
“We are excited about the expansion of our retail origination activities,” Newman said. “The Great Plains team brings additional production and operations expertise to Home Point Financial.”
Dan Scrocco, senior executive vice president of Great Plains National Bank, said that the Great Plains team is eager to join Home Point.
“The team is very pleased to be part of Home Point Financial,” Scorocco said. “I am looking forward to joining such a strong up and coming organization.”