New mortgage program boosts Ho
Buyers can compete with all-cash deals, then get a mortgage with lower wholesale rates, fees and out-of-pocket expenses
ANN ARBOUR, Mich., May 10, 2022 /PRNewswire/ — Independent loan originators, a popular choice among homebuyers due to the upfront fees and lower mortgage rates they typically offer compared to major national loan chains, are now connecting people with the money needed to buy houses. Homepoint, the nation’s third-largest wholesale mortgage lender that funds loans through independent loan originators nationwide, today announced the launch of Homepoint Cash Compete powered by Accept.inc, a platform fintech form that provides short-term warehouse lines for cash deals with select lenders. The Cash Purchase Program enables independent loan originators nationwide to efficiently turn borrowers into all-cash purchasers.
“Homepoint Cash Compete levels the playing field for borrowers who need a loan to buy their dream home.”
With cash offers having four times the odds of winning a home, Homepoint Cash Compete provides traditional buyers looking for a mortgage with the financing to compete with investors and other offers in competitive markets. It also allows them to benefit from wholesale mortgage rates, fees and expenses over the life of the loan that are lower than those traditionally offered by large banks and direct-to-consumer lenders, saving them money. $8,000 on average, according to recent data from the Home Mortgage Disclosure Act (HMDA).
“All-cash offers from competing buyers or investors are the biggest hurdle facing finance home buyers in today’s hypercompetitive markets. Homepoint Cash Compete levels the playing field for borrowers who need a loan to buy their dream home,” said Phil Shoemaker, president of Originations at Homepoint. “By combining all-cash offers with lower rates and fees associated with wholesale loans, independent originators offer homebuyers and their real estate agents the best chance to close deals and save money. “
With Homepoint Cash Compete, homebuyers can secure a home purchase cash loan with Accept.inc in as little as 10 business days, with no appraisals or financing options. Once the cash purchase is complete, the buyer will work with their loan originator to complete the underwriting of the conventional loan application to refinance the cash home purchase loan into a permanent traditional mortgage loan – usually within 30 calendar days of purchasing the home.
“Cash offers always receive preferential treatment from door-to-door sellers, so as our program becomes more widespread, it has a profound impact on potential buyers’ ability to stand out from the competition,” said declared Adam Pollack, CEO of Accept.inc. “We are thrilled to partner with Homepoint to strengthen the buying power of hundreds of thousands of buyers and real estate agents who can benefit from the expertise of independent mortgage originators.”
Homepoint Cash Compete is currently available to homebuyers in California, Colorado, Minnesota, Oregonand Washingtonand will expand.
Homepoint, a subsidiary of Home Point Capital Inc. (NASDAQ: HMPT), is one of the nation’s leading mortgage originators and managers, putting people at the center of the buying and homeownership experience . The company supports successful homeownership as a crucial component of broader financial security and well-being by delivering long-term value beyond the loan. Founded in 2015 and based in Ann Arbor, MI, Homepoint works with a nationwide network of more than 8,300 independent loan originators with deep knowledge and expertise of the communities and customers they serve. Today, Homepoint is the third largest wholesale mortgage lender in the country and the seventh largest non-bank mortgage lender.
Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, visit: nmlsconsumeraccess.org). Home Point Financial Corporation does not do business as “Homepoint” in KY, LA, MD, NY or WY. In these states, the company does business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll free: 888-616-6866.
Accept.inc allows buyers who qualify for a mortgage to submit cash offers on homes. Accept.inc’s mission is to make a cash offer on every home, leveling the playing field for all. The company ensures that agents, buyers and sellers also benefit from the transaction, all in the service of accelerating home ownership. Founded in 2016 by Y Combinator alumni Adam Pollack, Nick Friedmanand Ian Perrex, Accept.inc is headquartered in Denver, Colorado. Follow Accept.inc on Twitter, Instagram and LinkedIn or visit Accept.inc.
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