Home Point Financial 203(k) loan review
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- Online application available
- Partnerships with companies to speed up processes
- Available in 50 states
About Home Point Financial
Home Point Financial is a 5-year-old mortgage provider, making it a fairly young lender. Home Point Financial offers various mortgages, including conventional loans, non-agency loans, FHA loans (including 203(k) loans), VA loans, USDA loans, HomeReady loans, Home Possible loans, Jumbo loans, High Balance loans, HARP loans, and HELOC loans. In 2017, Home Point Financial acquired Stonegate Mortgage, another mortgage provider.
Home Point Financial 203(k) loans endorsed by the FHA
As part of the final approval for a 203(k) loan, the FHA has to “endorse” each loan application. In 2020 so far (between January to April) the FHA has endorsed 275 203(k) loans applied through Home Point Financial. This is the 2nd highest number of 203(k) loan endorsements for a lender in 2020. In 2019, the FHA endorsed 87 203(k) loans applied through Home Point Financial and 72 203(k) loans in 2018.
What makes Home Point Financial different from other lenders?
Online application process
Home Point Financial allows you to apply for its mortgages online through its website. The application asks for personal, financial, and some additional standard information.
Continuously partnering with companies to speed up loan processes
Home Point Financial has continued to partner with companies that help improve different parts of the lending process. In 2019, Home Point partnered with Capsilon Digital Underwriter on an underwriting solution that fully automates the underwriting process to help speed up the process. In 2018, Home Point partnered with SafeboxIQ, an automated mortgage document submission platform. SafeboxIQ allows Home Point Financial to easily and securely manage a loan submission process that is normally manual. SafeboxIQ digitizes loan files, identifies missing documents and notifies appropriate parties when documents are due or missing. According to Home Point Financial, the program also tracks progress and can close up to 15 days faster than manual processing.
Available in all 50 states
Mortgage lenders are required to be licensed in the state that they intend to provide mortgages. Home Point Financial is licensed to lend in every state. Not every lender is qualified to do so.