Ann Arbor, Michigan-based Homepoint has actually participated in a conclusive contract to offer particular possessions of the business’s wholesale originations channel to The Loan Store Inc., a nationwide wholesale lending institution headquartered in Tucson, Arizona.
Founded in 2019, The Loan Store is a supplier of standard, jumbo, VA, and non-QM offerings.
“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,” said Willie Newman, President and CEO of Homepoint. “After careful consideration, and in light of current market conditions, we have decided to sell our wholesale originations business to The Loan Store. We believe this is the best decision for our company to continue to deliver value to Home Point shareholders.”
Homepoint will be unwinding its nine-year period as a direct individual in the originations market.
Homepoint will hold an equity interest in The Loan Store, making it possible for the business and its investors to take part in The Loan Store’s prospective future success. Moving forward, Homepoint will continue to tactically handle its home mortgage maintenance rights (MSR) property and balance sheet.
Homepoint’s President of Originations Phil Shoemaker, a home mortgage market veteran of more than 25 years, will work as CEO of The Loan Store, and Mark Lefanowicz, current CEO of The Loan Store, will move into an Executive Chairman function on the business’s board.
Phil Shoemaker, brand-new CEO of The Loan Store
Shoemaker has actually worked as Homepoint President of Originations considering that 2018. Prior to signing up with Homepoint, Phil was among the charter member of the originations business at Caliber Home Loans, where he served in several functions on the executive management group from 2009 to 2018, consisting of EVP, COO of Production, Chief Administrative Officer and SVP of Operations. From 1997-2009, Phil served in numerous management positions at Stonewater Mortgage and First Magnus Financial.
With more than thirty years of providing experience, Lefanowicz most just recently transitioned from CEO and Chairman of Ethos Lending LLC. He has actually served on the Board of Directors for numerous customer financing organizations, consisting of Credit Karma, which was just recently gotten by Intuit for $7.1B. As an angel financier, Mark is an active financier in customer financing and fintech business. Prior to beginning The Loan Store, from 2004-2008 Mark worked as CEO/President of E-LOAN. As CEO, he led the sale of E-LOAN to Banco Popular. Mark likewise worked as CFO at Provident Funding Associates, held various executive positions at Bay View Capital, and was a partner at Coopers & Lybrand, which later on combined with Price Waterhouse to form PWC.
“I am proud of what we accomplished at Homepoint and thankful for the experience,” included 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.”
Founded in 2019, The Loan Store has actually built a platform that leverages automation to provide a high level of speed and customer support while having the ability to supply regularly competitive rates.
“At The Loan Store, we’ve built an efficient platform that provides what we believe is truly a best-in-class experience for our partners,” said Brandon Stein, President of The Loan Store. “Combining that with the visionary leadership of Phil Shoemaker and a highly regarded sales and operations team, The Loan Store is well-positioned to sustainably scale our business.”
With more than 7 years of providing experience, Stein manages all elements of loan production, counterparty management, and collaboration development in both wholesale and reporter channels for The Loan Store. In his existing function, Brandon’s main focus is customer sourcing, onboarding, and success. Previously, he worked as the Director of Wholesale Sales with Ethos Lending LLC, adding to more than $900 million in personal loan production as a Senior AE considering that 2014.
