Homepoint Enters Into Servicing Relationship with ServiceMac
Home Point Financial Corporation has announced a strategic agreement with ServiceMac, LLC to manage its mortgage servicing operations. This collaboration aims to ensure continuity for Homepoint’s customers and associates, especially as customers exit forbearance programs. The transition will allow Homepoint to focus on expanding its origination channels and improving services for broker partners. ServiceMac is expected to commence servicing loans for Homepoint in Q2 2022, enhancing customer experience while supporting the company’s growth in the wholesale mortgage market.
- Partnership with ServiceMac enhances customer continuity and service quality.
- Allows Homepoint to focus on expanding product offerings and improving broker partner experience.
- ServiceMac's established reputation supports Homepoint’s ongoing customer retention efforts.
- Dependence on external servicer may introduce risks in service quality and customer satisfaction.
- Transition phase could result in initial service disruptions as operations shift to ServiceMac.
Leading Non-Bank Mortgage Company Combines Servicing Platform with Emerging Mortgage Servicer
ANN ARBOR, Mich., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Home Point Financial Corporation (“Homepoint”), a subsidiary of Home Point Capital Inc., one of the nation’s leading mortgage originators and servicers, today announced an agreement with ServiceMac, LLC (“ServiceMac”), an emerging mortgage servicer and a member of the First American family of companies, to handle Homepoint’s servicing operations.
With this arrangement, Homepoint’s servicing associates will have the opportunity to join the ServiceMac team and provide Homepoint’s customers and broker partners with the same high-quality service they are accustomed to from the same highly skilled team that serves them today. This continuity is especially important as customers exit agency-supported forbearance programs. Additionally, customers will continue to see the Homepoint brand on all communications, supporting a seamless transition.
“Identifying a provider who would care for and provide continuity to both our customers and our servicing associates was a key driver in our selection process,” said Willie Newman, President and CEO of Homepoint. “Homepoint and ServiceMac are philosophically aligned around a people-centric approach, and we’re excited to work with them to elevate the customer experience and support the scale of the combined operation.”
Outsourcing servicing will enable Homepoint to redeploy resources to support growth in Homepoint’s originations channels, including expanding product offerings and enhancing the broker partner experience. In addition, ServiceMac will continue to enable support of Homepoint's broker-driven customer retention efforts, keeping them connected through its Customer For Life program.
“This move is a win-win for our broker partners. It allows Homepoint to continue offering the same outstanding servicing experience, while freeing up resources to accelerate enhancements to our wholesale platform,” said Phil Shoemaker, President of Originations at Homepoint. “By shifting more of our focus to wholesale, we can better support the growth of our partners and the overall wholesale channel as we transition into a purchase market.”
ServiceMac is expected to begin servicing loans on behalf of Homepoint in the second quarter of 2022.
About Homepoint
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ: HMPT), is one of the nation’s leading mortgage originator and servicers, putting people front and center of the homebuying and homeownership experience. The company supports successful homeownership as a crucial element of broader financial security and well-being through delivering long-term value beyond the loan. Founded in 2015 and headquartered in Ann Arbor, Michigan, Homepoint works with a nationwide network of more than 8,500 mortgage broker and correspondent partners with deep knowledge and expertise about the communities and customers they serve. Today, Homepoint is the nation’s third-largest wholesale mortgage lender and the 7th-largest non-bank mortgage lender.
Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, go to: nmlsconsumeraccess.org). Home Point Financial Corporation does not conduct business under the name, "Homepoint" in KY, LA, MD, NY, or WY. In these states, the company conducts business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll-Free Tel: 888-616-6866.
Forward Looking Statements
This press release contains certain “forward-looking statements,” as that term is defined in the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. In addition, from time to time, Home Point Capital Inc. (the “Company”) or its representatives have made, or may make, forward-looking statements orally or in writing. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, including among others, statements relating to the Company’s future financial performance, the Company’s business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which the Company operates and other similar matters. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should” and the negative of these terms or other comparable terminology often identify forward-looking statements. These forward-looking statements, which are based on currently available information, operating plans, and projections about events and trends, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated by forward-looking statements include, among others: our reliance on our financing arrangements to fund mortgage loans and otherwise operate our business; the dependence of our loan origination and servicing revenues on macroeconomic and U.S. residential real estate market conditions; counterparty risk; our ability to continue to grow our loan origination business or effectively manage significant increases in our loan production volume; competition in the industry in which we operate; our success and growth of our production and servicing activities and the dependence upon our ability to adapt to and implement technological changes; the impact of interest rate fluctuations; and the spread of the COVID-19 outbreak and severe disruptions in the U.S. and global economy and financial markets it has caused. You should carefully consider the foregoing factors and the other risks and uncertainties that may affect the Company’s business, including those described in documents filed from time to time by the Company with the Securities and Exchange Commission. Many of the important factors that will determine these results are beyond our ability to control or predict. You are cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date thereof. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements.
Media Contact:
Brad Pettiford
Director of Public Relations
(734) 356-3092
bpettiford@hpfc.com
About ServiceMac, LLC
ServiceMac, LLC, a member of the First American family of companies, is focused on providing superior technology, products and services for the mortgage industry backed by highly customized service and support. The innovative mortgage subservicing company offers lenders, investors and other mortgage servicers customized solutions that span the mortgage continuum and enhance security, customer satisfaction and profitability. More information can be found at www.servicemacusa.com. ServiceMac, LLC; NMLS ID 1687766; Visit NMLS Consumer Access.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of
©2022 First American Financial Corporation and/or its affiliates. All Rights Reserved. First American Mortgage Solutions, LLC, and its affiliates, make no express or implied warranties respecting the information presented and assume no responsibility for errors or omissions. First American and ServiceMac, are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.
Forward-Looking Statements
Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.”
These forward-looking statements include, without limitation, statements regarding anticipated benefits from the transaction. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation, regulatory-, technology- or business-related challenges.
These forward-looking statements speak only as of the date they are made. First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contacts
Media Contact:
Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298
Investor Contact:
Craig Barberio
Investor Relations
First American Financial Corporation
(714) 250-5214
FAQ
What is the agreement between Home Point Financial and ServiceMac?
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