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Home Point Financial Review: A Top-20 Mortgage Lender in Just Five Years


Just five years young, Home Point Financial has already seen record growth thanks to production across three different lending channels.

Aside from being a retail consumer-direct lender, they are reportedly the second largest wholesale mortgage lender in the U.S. thanks to year-over-year growth exceeding 400%, and also the 13th largest correspondent lender in the nation.

Home Point recently revealed that its loan origination volume has “nearly doubled each calendar year since the company’s launch,” with more than $50 billion in total volume expected for 2020.

As a result, they plan to hire an additional 600 associates to manage the growth before the end of the year.

Home Point Financial Fast Facts

  • Got started through the acquisition of Maverick Funding in 2015
  • A top-20 nonbank mortgage lender operating via retail, wholesale, and correspondent channels
  • 2nd largest wholesale lender and 13th largest correspondent lender in the U.S.
  • Company headquartered in Ann Arbor, Michigan
  • Has nearly 2000 employees but no brick-and-mortar retail locations
  • Services loans for roughly 265,000 of its customers

While Home Point Financial doesn’t have a long history, they’ve certainly made a name for themselves in a very short period of time.

In 2014, president and CEO William “Willie” Newman joined forces with Stone Point Capital to create Home Point Capital.

Then Home Point Financial (HPF) was born through the 2015 acquisition of Maverick Funding.

Two years later, the company acquired publicly-traded Stonegate Mortgage Corporation in an effort to quickly build a leader in the mortgage space.

They are now a top-20 nonbank originator and loan servicer, and a prominent warehouse lender thanks to their wholly-owned subsidiary NattyMac.

My assumption is their goal is to become a top-10 mortgage lender sooner rather than later, using their growth in the retail, wholesale, and correspondent channels.

Most recently, they rebranded as “Homepoint” and filed an IPO, for which their common stock will be traded on the NASDAQ Global Select Market under the ticker symbol “HMPT.”

In early April 2023, Homepoint sold its wholesale lending division to The Loan Store, Inc. As a result, it will exit the loan origination business but retain its mortgage servicing rights.

It’s servicing rights were later sold to Mr. Cooper in August 2023.

How to Apply with Home Point Financial

  • You can request a quote by filling out a short form on their website
  • Or simply click the “apply now” button to get started on your own
  • You can still call them up directly, have them call you, or chat online instantly
  • Or schedule an appointment at a time of your choosing to speak with a home loan expert

In terms of applying for a home loan, you can call them directly or have them call you. It’s also possible to request a quote on their website by filling out a short form.

Those who are more confident in the mortgage department can simply hit the “apply now” button on their website and get the ball rolling themselves.

They don’t have brick-and-mortar retail locations at the moment, so you’ll be going through the loan process remotely, which I suppose is a good thing these days.

The online digital mortgage application is powered by fintech company Blend, like many other lenders out there. So you’ll be able to link financial accounts and upload key documents along the way.

If you’re thinking about buying a home, you can take advantage of their proprietary upfront-underwritten mortgage pre-approval known as REALQual.

Before you find a property, their dedicated underwriting team will conduct a comprehensive review of your income, assets, employment, and credit to determine eligibility and maximum purchase price.

Home Point also operates a major wholesale lending division, so it’s possible to get a mortgage from them if you work with a mortgage broker.

Smaller banks and credit unions may also resell Home Point loan products via the correspondent lending channel.

What Types of Loans Does Home Point Financial Offer?

  • Conventional loans and government loans (FHA, USDA, VA)
  • Jumbo loans and High Balance loans
  • Renovation loans (FHA 203k and Fannie Mae HomeStyle)
  • Non-agency mortgages (bank statement program and asset utilization)
  • Piggyback second mortgages

Home Point Financial offers tons of loan options to its customers, including home purchase loans, refinance loans, renovation loans, home equity loans, and second mortgages.

You can go the conventional loan route or the government loan route, with FHA loans, USDA loans, and VA loans all available.

Those who need a larger mortgage can take advantage of the company’s High Balance loans or jumbo loans, with loan amounts as high as $2.5 million with just a 661 minimum FICO score required.

It’s also possible to get a mortgage above 80% loan-to-value (LTV) without mortgage insurance.

If you own a fixer-upper or have your eyes on one, you can get a renovation loan such as the FHA 203k backed by the FHA or a Fannie Mae HomeStyle loan.

They also offer a piggyback home equity lines of credit (HELOC) via TCF Bank, as long as the first mortgage is closed in conjunction with Home Point Financial.

Home Point Financial Mortgage Rates

Sadly, the company does not advertise its mortgage rates online or elsewhere to my knowledge.

So it’s impossible to know how competitive they are without first receiving a quote and then comparing it to other mortgage lenders.

Additionally, they do not make mention of lender fees, another important factor to consider when mortgage rate shopping.

As such, you’ll need to collect multiple quotes from other lenders to see how they stack up both mortgage rate- and pricing-wise.

If you don’t, you could be leaving money on the table, as evidenced by studies that prove multiple mortgage quotes leads to money saved.

Home Point Financial Reviews

The company has excellent customer reviews on Zillow, with 4.91 out of 5 stars based on roughly 2,200 reviews.

I perused through many of those reviews and found that some customers indicated that the mortgage rate was higher than expected, while others said the fees/closing costs were higher than expected.

Still, many of these customers still rated Home Point Financial highly, so I suppose the customer service did it for them regardless of cost.

Home Point Financial is a legit company with an A- rating with the Better Business Bureau, though they aren’t accredited.

Their goal is to put the customer first and keep them for life, which explains why they strive to service the loans they originate.

You may just want to keep a close eye on mortgage rates and lender fees to ensure you receive a competitive mortgage relative to other lenders.

Home Point Financial Pros and Cons

The Good

  • Licensed to do business nationwide
  • Can apply for a home loan on their website
  • Offers a digital mortgage experience via Blend
  • REALQual pre-approval program for home buyers
  • Services more than 99% of the loans it originates
  • Free mortgage calculators and how-to guides available on their website

What to Watch Out For

  • Do not disclose lender fees upfront
  • Cannot see daily mortgage rates on their website
  • Some customer reviews indicate higher rates and fees than expected

1 thought on “Home Point Financial Review: A Top-20 Mortgage Lender in Just Five Years”

  1. Why are you recommending this mortgage company? WORST MORTGAGE COMPANY. I recently refinanced, THP bought my loan from Better Mortgage. Did not do a good handoff. I had to do everything from recreating my profile to updating loan information, calling up multiple times and writing up multiple times to make insurance payments. No response to emails. Took me 6 calls for an agent to finally respond. My insurance even threatened to cancel my insurance because of THP incompetency. The supervisor i finally got to speak to (Zachy / Vicky) was very incompetent. Did not know why the payment was not sent out!!! This is a company run by BOTs, no humans behind the company.

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