Home Point Capital turns a profit amid housing market boom in 2020

Home Point Capital turns a profit amid housing market boom in 2020

Home Point Capital Inc. on Thursday recorded a profit of $607 million in 2020 after losing money the year before as low interest rates spurred refinancing and purchasing activity.

The Ann Arbor-based mortgage lender shared its financial results for the first time since going public in January on the Nasdaq. The 2015-founded company’s record $62 billion in origination volume puts it behind crosstown mortgage giants Rocket Companies Inc. and United Wholesale Mortgage Holdings Corp., but Home Point is growing faster — increasing 178.5% year-over-year in 2020.

That is more than the top 35 largest lenders, according to industry publication Inside Mortgage Finance, and puts Home Point at No. 15 overall in total origination volume and No. 3 in the wholesale channel, its area of focus selling mortgages through independent brokers. No. 1 overall Rocket grew 122.5% last year, while No. 4 UWM increased its volume by 69.4%.

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