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Mortgage

Home Point Financial acquires Platinum Mortgage’s wholesale division

Growth continues for Home Point

The last few years have been a period of growth for Home Point Financial. It began back in early 2015, when Home Point announced the acquisition of Maverick Funding, with Maverick’s business becoming Home Point’s initial mortgage banking platform.

The company later agreed to take on several mortgage origination branches and operations from Great Plains National Bank. Then, Home Point spent $211 million to acquire Stonegate Mortgage.

And it appears the company has no plans to slow down.

Home Point announced Tuesday that it just acquired the wholesale lending division of Platinum Mortgage, a mortgage company based in Georgia.

According to Home Point, the acquisition includes both Platinum’s sales team and its’ Madison, Alabama-based operations group.

The deal follows Home Point’s 2017 expansion in wholesale lending. At the time, the company named five new regional directors to lead a nationwide wholesale lending expansion.

And now, Home Point is growing its wholesale operation again.

“Platinum has built a strong wholesale lending footprint focused on the customer experience,” Home Point Financial President and CEO Willie Newman said of the Platinum acquisition. “We are excited about the opportunity to integrate the Platinum team into Home Point’s rapidly growing wholesale business.”

According to the companies, the deal closed on April 15, 2019.

“Having been in business for over 20 years, I’ve always been committed to my broker clients. I decided to partner with Home Point, because they share the same level of commitment,” Platinum Mortgage CEO Terry Clark said of the deal.

Financial terms of the deal were not disclosed.

[Update: This article is updated to reflect where Platinum Mortgage is actually based.]

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