It isn’t easy being the new kid on the block. Just ask Homepoint, which launched only five years ago with the goal of becoming a top-10 mortgage originator and servicer. It was also dedicated to bringing speed and simplicity to the mortgage transaction, disrupting the five legacy mortgage lending brands that together hold a 30-percent U.S. market share.
From its humble beginnings in Ann Arbor, Mich., in 2015, Homepoint doubled its loan volume in each of its first four years. With 178 percent year-over-year growth in the last year, it is now the second-largest wholesale mortgage lender in the country, and the 18th-largest mortgage lender across all production channels.
“We believe, in the future, that once a customer gets into the mortgage ecosystem, the next mortgage they do will be so simple, straightforward and data-driven.”
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When Homepoint launched in 2015 – as a startup that purchased a small mortgage bank as its entrée into the business – the U.S. housing market was nearing a decade of recovery from the 2008 financial crisis. Anticipating that transaction volume would increase as mortgage rates dropped, the resilient, nimble company began executing toward its ambitious vision.
“We’ve always had an ambition of becoming a top-10 originator and servicer,” Willie said. “All of our new customers come through the mortgage brokers and correspondent lenders. We have a servicing platform where we service over 280,000 of our customers and households today. We also have a very robust capital markets function, which we’re currently in the process of extending into asset management.”
Homepoint’s first order of business was “to do what we call, ‘connect the value chain,’” Willie said.
“The more I heard about States Title, the more I said this is an idea that is way overdue,” Willie said. “Seeing States Title’s ability to execute and always stay true to the vision of, ‘We’re really going to change how this is done,’ and to change it in a way that not only makes sense, but is very good from a customer experience standpoint. I think that really it was just a matter of time until both of us were at the level of scale and reach from a market standpoint where it made sense for us to partner.”
While Homepoint was attracted to States Title’s service model and vision, the company was particularly impressed by the expertise, structure, service level agreements (SLAs), and sense of ownership of States Title’s concierge teams. Willie also trusted States Title to support its workflow optimization preferences based on what he and Homepoint consider best for the business and the customer experience.