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