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Homepoint, an Ann Arbor, Michigan-based wholesale lender, has entered into a definitive agreement to sell certain assets of the company’s wholesale originations channel to The Loan Store Inc., a national wholesale lender based in Tucson, Arizona.

The financial aspects of the sale were not disclosed. The companies stated that Homepoint will cease to participate directly in the originations market but will hold an equity interest in The Loan Store while continuing to manage its mortgage servicing rights asset and balance sheet.

Furthermore, Homepoint President of Originations Phil Shoemaker will become CEO of The Loan Store. Mark Lefanowicz, the current CEO of The Loan Store, will take on an executive chairman position on the company’s board.

“Due to the tremendous effort of our associates and the support of our broker partners, we have built Homepoint from a startup to the third-largest wholesale lender,” said Willie Newman, president and CEO of Homepoint. “After careful consideration, and in light of current market conditions, we have decided to sell our wholesale originations business to The Loan Store. We believe this is the best decision for our company to continue to deliver value to Home Point shareholders.”

“At The Loan Store, we’ve built an efficient platform that provides what we believe is truly a best-in-class experience for our partners,” said Brandon Stein, president of The Loan Store. “Combining that with the visionary leadership of Phil Shoemaker and a highly regarded sales and operations team, The Loan Store is well-positioned to sustainably scale our business.”

The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions.