Maverick Funding, the Parsipanny, N.J.-based lender that operates a growing reverse mortgage platform, has reportedly been acquired by a new mortgage company, Home Point, for an undisclosed sum.
Inside Mortgage Finance reported Thursday that former head of InterFirst Mortgage and other companies in the business Willie Newman has started the Home Point platform and has acquired Maverick with plans to grow.
In an interview with IMF, Newman said his goal “is to grow everything.”
Maverick, which has risen to the No. 9 spot among the top reverse mortgage lenders by volume, had closed 427 reverse loans year to date as of August, according to data compiled by Reverse Market Insight. For the same period in 2013, the company closed 627 reverse loans.
Newman has established Home Point Capital with $250 million in investment commitments, according to the IMF report. Newman most recently served as president of Cole Taylor Mortgage and left his post there earlier in the year.
Written by Elizabeth Ecker