Home Point Capital Inc. Stock Price, News & Analysis

Homepoint, the third-largest wholesale lender in 2022, announced the sale of its wholesale originations business to The Loan Store. This strategic move comes amid current market conditions, with Homepoint's CEO stating it is intended to deliver value to shareholders. As a result, Homepoint will wind down its direct participation in loan originations but will maintain an equity interest in The Loan Store, allowing for potential future gains. Meanwhile, Homepoint will focus on managing its mortgage servicing rights (MSR) portfolio, which is expected to generate significant cash flow over time. The transaction is anticipated to close in Q2 2023.

Home Point Capital reported a fourth-quarter net loss of $36.8 million, or $(0.27) per share, an improvement compared to a net loss of $94.3 million in Q3 2022. The company achieved a quarterly origination volume of $1.7 billion, down from $20.5 billion a year ago. Total net revenue for the quarter was $19.2 million, a stark decline from $180.5 million in Q4 2021. Total expenses fell to $63.1 million, down 58.5% year-over-year. The company's available liquidity stood at $662.5 million as of December 31, 2022.

Home Point Capital (NASDAQ: HMPT) will announce its financial results for Q4 and FY 2022 on March 9, 2023, before market opening. A conference call will follow at 8:30 am ET to discuss these results, accessible via phone or webcast. Home Point Capital, headquartered in Ann Arbor, Michigan, is a leading mortgage originator and servicer, established in 2015. The company emphasizes long-term value in homeownership, collaborating with over 9,100 mortgage broker partners nationwide. An investor presentation will be available ahead of the call through their website.

Home Point Capital, based in Ann Arbor, Michigan, has announced its 2023 Annual Meeting of Stockholders to be held virtually on June 8, 2023, at 11:00 a.m. EDT. Stockholders of record as of April 10, 2023 will have the right to notice and vote during the meeting. Further details will be outlined in an upcoming proxy statement.

Founded in 2015, Home Point Capital operates as a leading mortgage originator and servicer, partnering with over 9,100 mortgage brokers. The Company aims to promote homeownership as an integral factor of financial stability.

Home Point Capital reported a net loss of $94.3 million ($0.68 per share) for Q3 2022, down from a net income of $71.5 million a year earlier. Total origination volume fell to $4.1 billion, compared to $20.8 billion in Q3 2021. Liquidity stands at $569.1 million, with a focus on expense reduction of $59.5 million compared to the previous year. The company made significant progress in managing costs but continues to face challenges due to declining volumes and increased competition in the mortgage market.

Homepoint has launched a new Home Equity Line of Credit (HELOC) across 38 states and Washington, D.C., enhancing its digital lending platform. The HELOC enables borrowers to access between $20,000 and $400,000 in home equity with terms ranging from 5 to 30 years. Aimed at empowering mortgage brokers, the product emphasizes quick approval processes—often on the same day—helping homeowners manage financial goals. Homepoint aims to expand its HELOC offerings further, positioning brokers as vital resources in home affordability.