Homepoint, a company based in Ann Arbor, Michigan, has reached a binding agreement to offload specific assets of its wholesale originations division to The Loan Store Inc., a wholesale lender headquartered in Tucson, Arizona with a nationwide presence.
Established in 2019, The Loan Store offers conventional, jumbo, VA, and non-QM lending solutions. The company has built a system that utilizes automation to offer swift and excellent customer service while maintaining competitive pricing that is consistent over time.
Homepoint will be concluding its nine-year involvement as a direct player in the originations sector. However, the company will still have a stake in The Loan Store, giving it and its investors a chance to benefit from any potential future accomplishments of The Loan Store. Going forward, Homepoint will concentrate on prudently overseeing its mortgage servicing rights (MSR) holdings and financial position.
Phil Shoemaker, who boasts over 25 years of experience in the mortgage industry and is currently Homepoint’s President of Originations, is set to become the CEO of The Loan Store. In turn, Mark Lefanowicz, who presently holds the CEO position at The Loan Store, will transition to an Executive Chairman role on the company’s board.
Since 2018, Phil Shoemaker has held the position of Homepoint’s President of Originations. Before joining Homepoint, he was one of the original members of Caliber Home Loans’ originations department. While at Caliber, he served in several executive management positions from 2009 to 2018, such as EVP, COO of Production, Chief Administrative Officer, and SVP of Operations. Prior to that, he held various leadership roles at Stonewater Mortgage and First Magnus Financial between 1997 and 2009.
Mark Lefanowicz, who has over 30 years of experience in lending, has served on the boards of several consumer finance establishments, including Credit Karma, an Intuit acquisition for $7.1 billion. He is also an angel investor, having invested in fintech and consumer finance companies. Lefanowicz was previously CEO/President of E-LOAN, CFO at Provident Funding Associates, held executive positions at Bay View Capital, and was once a partner at Coopers & Lybrand, which merged with Price Waterhouse.
According to Brandon Stein, the President of The Loan Store, the company has developed an effective platform that delivers, in their opinion, an unparalleled experience for their partners. By adding the pioneering leadership of Phil Shoemaker and a team of accomplished sales and operations professionals to the equation, The Loan Store is in a prime position to expand their business sustainably.