Home Point Capital, a wholesale residential mortgage producer and servicer, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Home Point Capital is a residential mortgage originator and servicer with a main focus of leveraging its nationwide network of partner relationships to drive sustainable origination growth. The company utilizes a wholesale mortgage origination channel, which connects it with nearly 5,000 broker partners and allows it to serve roughly 300,000 customers. Home Point Capital had total loan originations of $46.3 billion through its broker partner network in the twelve months ended September 30, 2020, representing an annualized growth rate of 133% since 2018.
The Ann Arbor, MI-based company was founded in 2014 and booked $1.0 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol HMPT. Home Point Capital filed confidentially on November 6, 2020. Goldman Sachs, Wells Fargo Securities, Morgan Stanley, UBS Investment Bank, Credit Suisse, J.P. Morgan and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
