Homepoint unveils major change to pricing strategy

The nation’s third-largest wholesale lender is out to capture market share amid a rising mortgage-rate environment with a new pricing bonus.

Homepoint has slashed the price of its conforming conventional loans by 75 basis points (bps) for homebuyers in specified zip codes in 20 states: Alabama, Connecticut, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Nebraska, New York, Ohio, Oklahoma, Pennsylvania, Texas, and Virginia. According to Homepoint, these zip codes have a high percentage of loans originated to people below the Area Median Income (AMI).

The initiative, according to Phil Shoemaker, president of originations at Homepoint, aims to enhance affordability in underserved communities and increase consumer awareness of the benefit of working with independent mortgage brokers.