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Last updated on April 23rd, 2021 at 05:43 pm
Earlier this month Mat Ishbia CEO of United Wholesale mortgage issued an ultimatum to brokers to choose between working with Rocket Mortgage and Fairway Independent or working with United Wholesale Mortgage.
UWM is now turning to somewhat smaller lenders that they might not have worked with before. And the brokers are taking massive steps to capture broker business.
And since UWM’s announcement, the president of originations at Homepoint, Phil Shoemaker told MPA that his company has seen a significant increase in broker interest.
Though it is too early to share specific numbers he pointed out that this interest is representing a healthy growth for Homepoint’s wholesale channel.
Because brokers making choices between Rocket and UWM Homepoint stands second and the company is in a position to provide consistency and stability to brokers.
Shoemaker explained that Homepoint is completely focused on growing its wholesale channel.
Homepoint is one of the country’s largest wholesalers with a year of rapid growth and an IPO behind them, they are now able to fill a gap left by one of the mutually exclusive mortgage giants.
Homepoint focuses largely on traditional agency loans and is adding to its FHA and government-backed loan offerings and exploring expansions into the jumbo space.
A range of wholesalers are offering niche products for these brokers, noted Shoemaker, but they lack the scalability that Homepoint is seeking.
Homepoint isn’t operating at the speed levels offered by both Rocket and UWM but their emphasis on scale and new investments in mortgage technology should see them close the gap quickly.
Homepoint too is looking to add new broker partners, they are targeting broker networks and deploying more localized networks to do so.
The company operates more small offices across the country, allowing them to connect faster with smaller brokers.
This approach will help Homepoint consolidate smaller-broker businesses by offering them a price and service they want.
Shoemaker said, the pricing flexibility that wholesalers can offer, will make a big difference in a tight purchase market.
He said that brokers will gain a set of partners capable of facilitating their consistent growth as Homepoint tries to match the scale of Rocket and UWM.
Reference Source: MPA
