Homepoint Makes Fast-Funding Home Equity Lines of Credit Available Through Mortgage Brokers

HELOC positions brokers as key support system for homeowners

ANN ARBOR, Mich., Nov. 7, 2022 /PRNewswire/ -- Homepoint, one of the nation's largest wholesale mortgage lenders, today announced the launch of its new Home Equity Line of Credit (HELOC) in 38 states and Washington, D.C., available through its network of mortgage broker partners. The company plans to expand the list of HELOC-eligible states in the coming months.

The Homepoint HELOC is essentially a 100% digital lending platform experience from application to closing, requiring minimal uploading of income and asset documents. Depending on a borrower's credit attributes, Homepoint may be able to provide same day approval and fund a HELOC within five business days of final approval.

"This new home equity line of credit is another way we're aiming to position mortgage brokers at the forefront of consumers' minds when it comes to home affordability and maximizing the value of their home," said Phil Shoemaker, President of Originations at Homepoint. "Brokers are more than their title indicates – they are truly capable of serving as stewards for stronger overall financial health. The Homepoint HELOC enables brokers to build stronger relationships within their communities by helping homeowners achieve their goals."

The Homepoint HELOC is a standalone line of credit, with a fixed interest rate determined at each draw calculated using the stated Index, plus a margin. Our HELOC product offering equips independent loan originators with a tool to help their customers use their available home equity to pay off debts, fund home improvement projects or make other monthly payments more manageable.

Homepoint's HELOC product enables eligible borrowers to access $20,000 to $400,000 of their home's equity as a line of credit with either a 5-, 10-, 15- or 30-year term and 2- to 5-year draw terms, while maintaining at least 15% equity in their home. There is no pre-payment penalty. It is available on single unit owner-occupied properties, as well as single unit second homes and investment properties.

Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ:HMPT), is one of the nation's leading mortgage originators, 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 8,700 mortgage broker partners with deep knowledge and expertise about the communities and customers they serve.

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, 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.

Brad Pettiford

Director of Public Relations 

(734) 356-3092

[email protected]

View original content:https://www.prnewswire.com/news-releases/homepoint-makes-fast-funding-home-equity-lines-of-credit-available-through-mortgage-brokers-301670740.html

SOURCE Homepoint