Home Point files for IPO, names new BoD chair

Home Point Capital Inc., the parent of Homepoint, announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) proposing an initial public offering (IPO) of its common stock.

Home Point Capital has applied to list its common stock on the NASDAQ Global Select Market under the ticker symbol “HMPT.”

The price range and the number of shares of common stock of the proposed offering have not yet been determined, the company explained in a statement. Also noting that the offering is subject to market conditions, “and there can be no assurance as to whether or when the offering may be completed.”

The proposed offering will be made only by prospectus once the IPO registration statement becomes effective.  

Home Point Capital Inc. owns several subsidiaries including Homepoint, which was known as Home Point Financial until December 2020.

The Ann Arbor, Michigan based lender currently works with a nationwide network of over 5,500 mortgage broker and correspondent partners. Homepoint is the nation’s third-largest wholesale mortgage lender and 10th-largest nonbank mortgage lender, as of the third quarter of 2020, according to Inside Mortgage Finance.

Home Point Capital also announced the appointment of mortgage industry veteran Andrew Bon Salle as its chairman of the board.

Bon Salle joins the company after nearly 30-years at Fannie Mae, where he most recently served as executive vice president of single-family business.

During his tenure, he guided Fannie’s credit risk management and pricing strategies, and managed lender execution services such as mortgage-backed securities (MBS), structured product sales and trading, whole loan acquisition and conduit activities, and early funding transactions.

“We are thrilled to have someone of Andrew’s pedigree as our Chairman of the Board,” said Willie Newman, founder and CEO of Home Point Capital. “Andrew is a great addition to our veteran executive leadership team, and we believe his vast industry experience provides Home Point Capital with another proven leader who will greatly benefit our company as it continues to evolve.”

KeyBank: COVID-19 is changing Americans’ financial habits

Compared to the beginning of the COVID-19 pandemic, roughly half of Americans are now reporting greater financial confidence, increased emergency savings, and more financial awareness, according to the KeyBank 2020 Financial Resiliency Survey.

The online survey conducted between Sept. 30 and Oct. 2, 2020, includes 1,204 respondents, aged 18 to 70 who have sole or shared responsibility for household financial decisions.

Considering the significant hardships faced by many over the past year, from lost income to sickness and loss of loved ones, the report notes, “Americans have demonstrated strength under pressure, ability to respond to a tough economic environment and resilience in the face of financial hardship.”

Up to 53% felt more confident financially as the end of 2020 approached, compared to the beginning of the year; 51% would be able to immediately have $2,000 available in an emergency, up from 42% in 2019; 48% felt more financially aware after facing the pandemic challenges.

Spending less – 41% of respondents said they are spending less and saving more since the pandemic began; 71% of those who do so are spending less money on travel, dining, and entertainment, which may not be by choice; among those spending less, 14% say they are borrowing money from family or friends to help.

No change – another 42% of all respondents said they have not changed their spending habits during the pandemic.

“Many people are seeing their financial journeys disrupted by the pandemic,” said Chris Manderfield, EVP at KeyBank. “For Americans looking to stay resilient, it’s vital that they sit down with their trusted financial advisor—often, an offering by their bank—and evaluate next steps and financial support options, whether that means changing their spending to be able to save more or putting the money they’ve saved to use now.”

Generational divides – While 53% of respondents felt a greater sense of financial confidence at year end 2020, the level of confidence changes by age group. Sixty percent of millennials and Gen Z (those age 35 and under) respondents reported a greater sense of financial confidence, 51% of those aged 50 and over did not feel greater confidence.

Fewer money missteps – As consumer spending habits changed because of the pandemic, financial mistakes are in decline, compared to last year, with 50% of respondents admitting to committing some kind of misstep, down 4% from the previous year.

CBCMA Mortgage promotes Miki Adams to president

CBC Mortgage Agency (CBCMA), a nationally chartered housing finance agency owned by Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians has promoted Miki Adams from executive vice president to president. She is taking over the role from Richard Ferguson, who will work on developing new affordable housing initiatives.

“I’m excited to hand the reins to Miki,” said Ferguson. “Her comprehensive experience in the residential mortgage business combined with her commitment to closing the homeownership gap in America has been instrumental in enabling CBCMA to fulfill its mission.”

Adams has 30 years of mortgage lending and executive leadership experience, managing several companies. She previously served as executive vice president of CBCMA, and will lead a team of more than 70 employees help increase homeownership for low- and moderate-income families that need down payment assistance (DPA) to become homeowners. Her expertise includes credit and collateral underwriting, secondary market and portfolio asset management, regulatory compliance, and regulatory audit and examination management.

The daughter of an immigrant Japanese mother and American father, she reportedly learned from personal experience about the homeownership related challenges faced by minorities.

In her previous role as EVP, Adams spearheaded a number of initiatives, but according to Mortgage Professional America, she is most proud of CBCMA’s borrower outreach program, which follows up with CBCMA borrowers for 18 months after their loans closed. The program reportedly opened her eyes about how fear of losing their home stopped many distressed, first-time homeowners from contacting their lender or servicer.

Alongside Adams’ promotion, CBCMA announced a new partnership with the National Urban Indian Family Coalition to launch the Kani Urban Indian Housing Initiative designed to increase homeownership within the urban Indian community. It often takes specialized agencies to provide affordable housing options to underserved Native American borrowers.

CBCMA is one such enterprise founded in 2013. In partnership with various mortgage lenders, it provides DPAs on FHA and conventional loans for first-time low-to-moderate income buyers, often in minority neighborhoods. 

“I’m excited about this new partnership and to continue to work with Richard in his new role as our company’s visionary,” Adams said, “Richard’s dedication to reducing racial wealth disparity by creating new opportunities for homeownership through down payment assistance has been inspirational. He exemplifies how idealism and practicality can work hand in hand.”

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