Home Point Capital bounces back in Q3 thanks to MSR sale


HW+ Willie Newman
Willie Newman, president and CEO of Home Point Capital

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.”

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    The post Home Point Capital bounces back in Q3 thanks to MSR sale appeared first on HousingWire.


    Source link

    Leave a Comment

    Your email address will not be published. Required fields are marked *