Home Point Financial Corp. of Ann Arbor, Mich., sold its reverse mortgage lending business to Huron Valley Financial. Terms of the deal were not disclosed.
Ann Arbor-based Huron Valley is the parent of 1st Nations Reverse Mortgage, which it launched last October. As a result of this acquisition, 1st Nations expects to be licensed in 35 states by the end of the year and funding more than $150 million of reverse mortgages annually.
Joshua Shein, who headed up Home Point's reverse mortgage division, will be joining 1st Nations, which is run by Mike Gruley, executive vice president of reverse mortgage lending.
Home Point acquired the reverse mortgage business from Maverick Funding in 2015. Shein, who was the executive vice president at Maverick, joined Home Point at that time.
In a separate move, Home Point has realigned its third-party wholesale origination channel into five regions following the completion of the Stonegate Mortgage acquisition. Previously it created the Institutions Group to work with whole loan sellers.
Lisa Patterson, executive managing director, TPO production, will continue to lead this channel. She reports to Brian Brizard, chief production officer.
The new regional manager directors are Paul Wyner (Northeast), Jeff Lochmandy (Southeast), John Pantalone (Midwest), Patrick McGrath (Northwest) and Mary Shaver (Southwest). The inside sales team will be led by Eddie Brown and renovation lending by Brad Smith.
"This expansion will allow Home Point to more effectively serve our wholesale clients nationwide, while providing enhanced levels of service, a full product suite and competitive pricing," Patterson said in a press release.
In 2016 Home Point's TPO channel funded $1.6 billion. It does business in 46 states.