Ann Arbor-based Home Point Financial Corp. is acquiring the wholesale division of Platinum Mortgage Inc., with plans to merge it into its own burgeoning wholesale business. The deal includes both Platinum’s sales team and its Madison, Ala.-based operations group.
Home Point Financial is a national, multi-channel mortgage originator and servicer and is a subsidiary of Home Point Capital LP, a financial services holding company founded in 2014 and owned by members of management and by investment funds managed by Stone Point Capital LLC, which is based in Greenwich, Conn.
“Platinum has built a strong wholesale lending footprint focused on the customer experience,” Home Point CEO Willie Newman said in a statement. “We are excited about the opportunity to integrate the Platinum team into Home Point’s rapidly growing wholesale business.”
Colorado-based STRATMOR Group served as exclusive adviser to Platinum on the transaction
In 2017, Home Point acquired Indianapolis-based Stonegate Mortgage Corp. in an all-cash transaction valued at $211 million. The deal positioned Home Point as a top-25 mortgage originator and servicer.
