Huron Valley Financial, Inc. (HVF), a privately held full-service mortgage banking firm, and Fannie Mae seller/servicer, announced today it has acquired Home Point Financial Corporation's (Home Point) reverse mortgage lending division. The transaction combines Home Point's nationally-ranked reverse mortgage division led by Joshua Shein, with Huron Valley Financial's 1st Nations Reverse Mortgage division, led by Mike Gruley. The deal brings together two reverse mortgage industry leaders, who together will propel 1st Nations Reverse Mortgage into a national top-tier firm.
This acquisition reinforces HVF's commitment to serving the reverse sector. The company, which launched its 1st Nations Reverse Mortgage division in October 2016, continues to invest in building its national footprint and product offerings. The Home Point team provides 1st Nations Reverse with a turn-key platform, including sales and operations, to quickly position 1st Nations among the top lenders in the country. Through this acquisition, 1stNations Reverse aims to be licensed in 35 states by the end of 2017, and funding more than $150 million in reverse mortgages annually.
Eric Bradley, President and CEO of Huron Valley Financial, says, "This deal is evidence of our commitment to serving the reverse mortgage product and industry at a national level. Through this acquisition, 1st Nations Reverse will be able to continue to play a positive role in advocating reverse mortgages as a responsible financial tool for seniors and their families. I was thrilled to meet the many members of the Home Point Financial Reverse team who share the attributes we value as a company, including their commitment to anticipate and address the needs of current and future customers. We look forward to having Josh join our executive team; his extensive industry expertise and business acumen will be essential as we continue to solidify our position as a top-tier player in the reverse mortgage industry."
Mike Gruley, EVP of Reverse Mortgage Lending, says, "I could not be more pleased to welcome this team to 1stNations Reverse Mortgage. Josh has maintained a long and reputable track record of success within our industry, building multiple top ten lending teams; his commitment and expertise in the reverse mortgage space is absolutely unparalleled. I look forward to working with Josh to build a sound, reputable reverse mortgage business."
"I look forward to being part of the 1st Nations Reverse team. Eric, Mike and the entire leadership team have established a culture and company based upon shared values. I am excited to significantly expand both our retail and wholesale channels. With more than six trillion dollars in senior home equity, there is tremendous market opportunity for us to quickly become a top ten nationwide lender, working with consumers to remain in their homes while supporting their retirement goals," said Mr. Shein.
Shein's team, with locations throughout the U.S., will be seamlessly integrated into 1st Nations Reverse. He brings more than 17-years' industry experience to 1st Nations Reverse. Prior to overseeing Home Point Financial's Reverse division, Shein was Executive Vice President at Maverick Funding's Reverse Mortgage Network, where he was responsible for building and leading the company's Reverse Mortgage platform, prior to its acquisition by Home Point Capital in 2015. He joined Maverick Funding from Great Oak Lending Partners, a company he founded in 2001.
Home Point Financial 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.
About Huron Valley Financial
Huron Valley Financial is a privately held full service mortgage banking firm, and Fannie Mae seller/servicer. The company maintains retail, wholesale, and correspondent lending channels and originates Conventional, FHA, VA, USDA-RD, Jumbo Loans, Construction Loans, Reverse Mortgages, and some portfolio lending products. The company is licensed to lend in 27 states. For more information, please call (800) 650-7441 or visit www.huronvalleyfinancial.com.