Home Point Financial announced on Friday the launch of its charitable community foundation with an initial pledge of $1 million dedicated to funding 50 new minority and female-owned brokerages.
In the midst of the Association of Independent Mortgage Experts National Fuse Conference, Home Point announced the initial $1 million in grant money will be distributed in coordination with AIME’s latest diversity initiative, the Spark program.
According to Home Point, the foundation’s goal is to empower individuals to achieve their dreams through “investment, education and support.”
“One of the core beliefs of Home Point Financial is giving back,” said Lisa Patterson, Home Point chief origination officer. “But as a business we’re committed to the independent mortgage broker. So, we wanted to take that a step further and create additional opportunities for those individuals who have aspirations of opening their own mortgage broker company, specifically in underrepresented groups.”
In total, the Home Point foundation will allocate grants to 25 minority and 25 female-owned mortgage brokerages. Awards include one $50,000 grant, four $25,000 grants and 20 $17,500 grants per group.
Those interested in applying have a two-month window for submissions beginning December 1 through January 31, and will require a business plan and relevant experience in the mortgage industry. According to Patterson, Home Point is looking for the “why” in applicants’ aspirations.
“I think it’s clear that we have a lot of work to do around diversity and inclusion,” Patterson said. “The faces of our industry should match the faces of our nation. And this program is going to help us do that by providing additional opportunities for new and diverse leadership who will serve the diverse community.”
In an August HousingWire webinar, Phil Shoemaker, Home Point president of originations, said he was thrilled to see the collaborative environment wholesale lending has experienced in the past several years, and noted that the lenders that were truly going to come out on top were the ones that were willing to build the community together.
“We’ve seen incredible growth in the broker community since AIME started a few years ago and want to continue the momentum by supporting a more diverse and inclusive landscape,” said Katie Sweeney, AIME executive vice president of strategy. “We’re thrilled to receive this generous investment from Home Point’s community foundation. The donation will go a long way in helping minority and female broker owners build their businesses.”
Since the beginning of 2020, Home point has seen significant growth in numbers – adding 1,000 new team members to its 1,500-person company, according to a Home Point spokesperson. Patterson, who has been with the mortgage lender and servicer since it’s founding in 2015, said the decision to focus solely on wholesale became a launchpad for Home Point’s upward track – giving it the tools needed to establish its latest charitable endeavor.