Home Point Capital, parent entity of Michigan-based wholesale lender Homepoint, bounced back from a brutal second quarter, posting a net income gain of $71 million in Q3.
This is a notable improvement from the $73.2 million net loss posted by the company in the second quarter. Helping the lender rebound was Home Point’s sale of its mortgage servicing rights (MSR) portfolio of single-family mortgage loans guaranteed by Ginnie Mae for close to $122 million.
The company, which went public earlier in the year, noted in its third quarter earnings report that “the transaction further streamlined Home Point’s servicing operations, reduced overall portfolio delinquencies, and provided incremental liquidity which was used to reduce outstanding debt.”
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