The list of top-10 reverse mortgage lenders is going to look a little different from now on — but it’s not because any companies have risen or fallen in the rankings.
It’s because Home Point Financial Corporation has finalized its acquisition of Maverick Funding Corp., which was recently ranked ninth in the list of home equity conversion mortgage (HECM) lenders, based on data compiled by Reverse Market Insight.
Home Point Financial, headed up by former InterFirst Mortgage exec William “Willie” Newman, will represent the new name and branding for Maverick’s forward and reverse operations, with no separate division or subsidiary for either, says Joshua Shein, senior director of the new mortgage banking and financial services company.
While some acquisitions may mean changes in leadership or staff, Shein says no layoffs are taking place due to Home Point Financial’s acquisition of Maverick — “the current change is simply growth.”
Maverick’s business, which had 30 retail branches across 10 states and a national third‑party lending operation, will serve as Home Point Financial’s initial mortgage banking platform.
“The acquisition of Maverick provides us with a strong entry point into mortgage banking,” said Newman, Home Point Financial’s CEO and president, in a written statement. “We intend on leveraging and expanding the core capabilities provided by the Maverick acquisition into a diverse, vertically integrated national mortgage banking organization.”
Additionally, with a new name and a stronger national presence, Maverick hopes to expand its footprint and rise in reverse mortgage rankings.
“We finally will have better reach to consumers and brokers nationwide, which is a huge plus for us,” says Shein, formerly executive vice president at Maverick. “With Home Point’s depth, experience and overall industry knowledge, we hope to climb [further] in the HECM rankings and … get into the top-five — and that’s part of our growth plan.”
Previously, Shein told RMD Maverick was operating in 30-plus states, but would be in all 50 after the acquisition. In targeting growth under the new ownership, Maverick hired additional personnel and increased processing and broker support for its account executives.
“We’re excited to grow and to be a part of an incredible company that’s going to do some incredible things on a large scale but with great service,” Shein says. “That’s the bottom line: taking our current approach to a whole new level of great service and great attention to the service, the broker and to the employees as well.”
Written by Emily Study