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a

Home Point Capital to raise $500M, give half to its owners

Ahead of its independent public offering, Homepoint‘s parent company plans to raise hundreds of millions of dollars in debt to replenish its owners’ wallets.

The wholesale lender’s parent company, Home Point Capital, is seeking to raise $500 million in debt in a private placement sale.

Half of the net proceeds would fund a distribution to Home Point Capital’s private equity owners, Stone Point Capital, the company disclosed in an SEC filing.

The notes will be guaranteed by some of the parent company’s subsidiaries, including the operating unit of Homepoint. The remainder will be used to repay outstanding debt under its mortgage servicing rights financing facility.

Homepoint filed for an IPO last week with a placeholder offering of $100 million, generally a prelude to a much larger IPO.

In its S-1, Homepoint revealed incredible growth over the past year, driven by the same low interest rates that have created fortunes for mortgage executives across America.

Homepoint originated $46.3 billion through its broker network in the 12 months that ended Sept. 30, 2020. It originated a total of $38 billion in loans through the first three quarters of 2020, according to the S-1. It’s an incredible rise for a lender that originated just $10.6 billion in 2018 and at one point had a retail operation.

The $38 billion origination figure makes Homepoint the third-largest wholesale lender in America, behind United Wholesale Mortgage and Rocket Pro TPO, and ahead of Caliber Home Loans. Overall, Homepoint is the 10th largest non-bank originator in the United States.

Homepoint has, to date, pursued a different strategy than most other wholesale lenders, opting to service all of its loans.

Önerilen :   CoreLogic projects low mortgage rates into 2023

According to the S-1, its servicing book rose to $74 billion from $48 billion in 2019, with 307,000 mortgages being serviced. Homepoint’s MSR multiple checked in at 2.6x in the first nine months of 2020, down from 3.2x during the same period in 2019, according to the disclosures. Homepoint also has a delinquency rate of 60 days-plus at 6.6%.

Homepoint is also the latest of the nonbank lenders to raise hundreds of millions of dollars in debt offerings ahead of IPOs. Rivals firms loanDepot raised $500 million in a debt offering and UWM raised $800 million.

On Monday, Home Point Capital announced it brought on Fannie Mae‘s former head of single family lending, Andrew Bon Salle, as chairman of its board.

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