Wholesale lender Homepoint is selling certain assets of the company’s wholesale originations channel to The Loan Store Inc., a national wholesale lender headquartered in Tucson, Ariz.
Moving forward, Homepoint will continue to strategically manage its mortgage servicing rights (MSR) asset and balance sheet. The company will also hold an equity interest in The Loan Store.
“Due to the tremendous effort of our associates and the support of our broker partners, we have built Homepoint from a startup to the third-largest wholesale lender,” says Willie Newman, president and CEO of Homepoint.
The Loan Store is looking to scale its loan origination business into a leading national wholesale-only mortgage lender. Homepoint’s president of originations, Phil Shoemaker, will serve as CEO of The Loan Store. Mark Lefanowicz, the current CEO of The Loan Store, will move into an executive chairman role on the company’s board.
“I am proud of what we accomplished at Homepoint and thankful for the experience,” says Shoemaker. “I’m looking forward to the next chapter at The Loan Store, where we will continue making a positive impact within the wholesale lending community.”
The transaction is expected to close in the second quarter.