Homepoint provides mortgage brokers with fast-funding home equity lines of credit

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HELOC positions brokers as a key support system for owners

ANN ARBOUR, Mich., November 7, 2022 /PRNewswire/ — Homepoint, one of the nation’s largest wholesale mortgage lenders, today announced the launch of its new home equity line of credit (HELOC) in 38 states and washington d.c., available through its network of partner mortgage brokers. The company plans to expand the list of HELOC-eligible states in the coming months.

The Homepoint HELOC is essentially a 100% digital lending platform experience, from application to closing, requiring minimal upload of income and asset documents. Depending on a borrower’s credit characteristics, Homepoint may be able to provide same-day approval and fund a HELOC within five business days of final approval.

“This new home equity line of credit is another way we aim to position mortgage brokers at the forefront of consumers’ minds when it comes to home affordability and maximizing value of their home,” said Phil Shoemaker, president of Originations at Homepoint. “Brokers are more than their title suggests – they are truly capable of serving as stewards for stronger overall financial health. The Homepoint HELOC empowers brokers to build stronger relationships within their communities by helping owners to achieve their goals.”

The Homepoint HELOC is a stand-alone line of credit, with a fixed interest rate determined on each drawing calculated using the indicated index, plus a margin. Our HELOC product offering gives independent loan originators a tool to help their clients use the equity in their home to pay off debt, fund home improvement projects, or make other monthly payments more manageable.

Homepoint’s HELOC product enables eligible borrowers to access $20,000 at $400,000 equity in their home in the form of a line of credit with terms of 5, 10, 15 or 30 years and 2 to 5 years, while maintaining at least 15% of the equity in their home. There is no penalty for early payment. It is available on single-family, owner-occupied properties, as well as single-family second homes and investment properties.

About Homepoint

Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ: HMPT), is one of the nation’s leading mortgage originators, putting people at the center of the buying and homeownership experience. The company supports successful homeownership as a crucial component of broader financial security and well-being by delivering long-term value beyond the loan. Founded in 2015 and based in Ann Arbor, MIHomepoint works with a nationwide network of more than 8,700 mortgage broker partners with deep knowledge and expertise of the communities and clients they serve.

Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, visit: nmlsconsumeraccess.org). Home Point Financial Corporation does not do business as “Homepoint” in KY, LA, NY or WY. In these states, the company does business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll free: 888-616-6866.

Media Contact:

Brad Pettiford
Public Relations Director
(734) 356-3092
[email protected]

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