Wholesale lender Homepoint announced it is shutting down its mortgage origination business and selling its origination-focused assets to The Loan Store.
Cost-cutting measures introduced by Home Point Capital did not help in returning the company to profitability.
- According
to the CEO and President of Homepoint, Willie Newman, this is the best
decision for the company to deliver value to its shareholders.
- The company reduced its workforce from around 4,000 in 2021 to about 1,000 in fall 2022.
- Close to 100 current employees from Homepoint are expected to join The Loan Store, and another 350 staff were laid off.
