The reverse mortgage unit of a Maryland-based home lender has been sold in a transaction that promises to create a top-tier reverse mortgage lender.
Huron Valley Financial Inc. was already in the reverse mortgage space through subsidiary 1st Nations Reverse Mortgage, which was launched in October 2016.
But the Ann Arbor, Michigan-based organization aspires to be a bigger player. So it has made an acquisition that will help it achieve greater market share.
On Tuesday, Huron Valley announced that is has acquired the reverse mortgage lending division
of Owings Mills, Maryland-based Home Point Financial Corp.
Data from Reverse Market Insight indicates that Home Point generated 328 endorsements of home-equity conversion mortgages during the first-five months of 2017.
With the acquisition, Huron Valley’s reverse mortgage originations through the combined unit are expected to reach $0.150 billion a year.
“The Home Point team provides 1st Nations Reverse with a turn-key platform, including sales and operations, to quickly position 1st Nations among the top lenders in the country,” Huron Valley said in the news release. “Through this acquisition, 1st Nations Reverse aims to be licensed in 35 states by the end of 2017.”
Huron Valley Financial President and Chief Executive Officer Eric Bradley explained in the statement that Home Point’s reverse team shares the same attributes valued by the Huron Valley team, including a commitment to anticipating and addressing the needs of current and future customers.
Home Point acquired Stonegate Mortgage Corp. earlier this month. It
purchased Maverick Funding Corp. in 2015, while last year it made a new investment in Longbridge Financial LLC and acquired the originations and operations of Emery Financial.
