The last few weeks have been quite busy for Home Point Financial.
And earlier this week, Home Point announced that it is planning to grow its third-party origination channel by expanding the division’s geographic reach and planning to increase the number of third-party originators the channel will serve.
But those aren’t the only changes for Home Point, as Huron Valley Financial announced this week that it acquired Home Point’s reverse mortgage division.
Huron Valley Financial currently operates its own reverse mortgage division, 1st Nations Reverse Mortgage, and the company said that the acquisition of Home Point’s reverse mortgage operation will help grow its reverse mortgage division into a “top-tier firm.”
According to the company, Huron Valley Financial started 1st Nations Reverse Mortgage in late 2016 and plans to grow it significantly.
“The Home Point team provides 1st Nations Reverse with a turn-key platform, including sales and operations, to quickly position 1st Nations among the top lenders in the country,” the company said in a release.
The company said that through this acquisition, 1st Nations Reverse hopes to be licensed in 35 states by the end of 2017, and plans to fund more than $150 million in reverse mortgages annually.
According to a release from Huron Valley, Joshua Shein, who led Home Point’s reverse mortgage division, will be joining 1st Nations Reverse, along with members of his team.
“This deal is evidence of our commitment to serving the reverse mortgage product and industry at a national level. Through this acquisition, 1st Nations Reverse will be able to continue to play a positive role in advocating reverse mortgages as a responsible financial tool for seniors and their families,” Eric Bradley, president and CEO of Huron Valley Financial, said.
“I was thrilled to meet the many members of the Home Point Financial Reverse team who share the attributes we value as a company, including their commitment to anticipate and address the needs of current and future customers,” Bradley continued. “We look forward to having Josh join our executive team; his extensive industry expertise and business acumen will be essential as we continue to solidify our position as a top-tier player in the reverse mortgage industry.”
According to Huron Valley, Shein’s team will be “seamlessly integrated” into 1st Nations’ operations.
“I look forward to being part of the 1st Nations Reverse team. Eric, Mike and the entire leadership team have established a culture and company based upon shared values,” Shein said.
“I am excited to significantly expand both our retail and wholesale channels,” Shein continued. “With more than six trillion dollars in senior home equity, there is tremendous market opportunity for us to quickly become a top 10 nationwide lender, working with consumers to remain in their homes while supporting their retirement goals.”
Financial terms of the deal were not disclosed.