‘Homepoint New Build’ Makes Mortgage Brokers a One-Stop Shop for Builders Seeking Construction Financing
ANN ARBOR, Mich., April 14, 2022 —— Homepoint, the nation’s third-largest wholesale mortgage lender, today announced the launch of Homepoint New Build, a program that enables approved Homepoint mortgage broker partners to win builder business and generate bulk origination opportunities by offering business purpose construction financing for residential home builders.
The program is now available through a partnership with Level Capital LLC, a national private portfolio lender that has paired its Wall Street institutional relationships with its builder DNA to provide the resources builders need in today’s competitive industry. Homepoint New Build is designed to help brokers function as a one-stop shop for builders through streamlined mobile technology and flexibility, without the red tape generally associated with banks and credit unions, or the costs associated with hard-money lenders.
“Mortgage brokers are often at a disadvantage when it comes to construction financing because builders tend to use their existing lender partnerships to close deals. We’re changing that,” said Phil Shoemaker, President of Originations at Homepoint. “We’re positioning brokers to be the go-to resource for builders of any size, whether they’re providing financing for five loans or 500 loans. With new construction expected to be a sizable percentage of home purchase activity for the foreseeable future, Homepoint New Build helps brokers cater to a whole new customer base which will be an integral part of growing their businesses.”
To be competitive with private lenders, banks and credit unions, Homepoint New Build enables brokers to help builders close new construction loans for single-family residences, multifamily homes, condos, and townhomes. Loan amounts can be as much as $4 million per unit or $25 million per project.
Through Homepoint New Build, brokers can get financing pre-approved in as few as 48 hours and provide term sheets within 24 hours.
“There is tremendous opportunity for mortgage brokers to expand their market share through new construction, and we’re very excited to partner with Homepoint to bridge the gap between brokers and builders,” said Brady Yeager, President of Level Capital. “We strongly believe that brokers can provide builders with a more efficient experience than they’ve grown accustomed to over the years, and Homepoint’s strategic, relationship-oriented approach to lending makes them the ideal partner to set brokers up for success.”
Homepoint New Build is currently available in 10 states: Arizona, California, Colorado, Florida, Idaho, Montana, Oregon, Texas, Utah, and Washington. Three additional states –Nevada, New Mexico and North Carolina – are coming soon.
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ: HMPT), is one of the nation’s leading mortgage originators and servicers, putting people front and center of the homebuying and homeownership experience. The company supports successful homeownership as a crucial element of broader financial security and well-being through delivering long-term value beyond the loan. Founded in 2015 and headquartered in Ann Arbor, Michigan, Homepoint works with a nationwide network of more than 8,500 mortgage brokers and correspondent partners with deep knowledge and expertise about the communities and customers they serve. Today, Homepoint is the nation’s third-largest wholesale mortgage lender and the 7th-largest non-bank mortgage lender.
Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, go to: nmlsconsumeraccess.org). Home Point Financial Corporation does not conduct business under the name, "Homepoint" in KY, LA, MD, NY, or WY. In these states, the company conducts business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll-Free Tel: (888) 616-6866.