Home Point Financial’s reverse mortgage division acquired by Huron Valley Financial

by Anna Sobrevinas05 Jul 2017
Mortgage banking firm Huron Valley Financial announced last week its acquisition of the reverse mortgage division of Home Point Financial.

The acquisition will combine the reverse mortgage services of Home Point, led by Joshua Shein, and Huron Valley Financial’s 1st Nations Reverse Mortgage division.

“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,” Eric Bradley, president and CEO of Huron Valley Financial said in a news release. “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."

1st Nations was launched in October last year. Home Point will provide 1st Nations with a turn-key platform inclusive of sales and operations; the latter aims to be licensed in 35 states by the end of THE year and to fund more than $150 million in reverse mortgages annually.

Shein, a 17-year industry veteran, will serve as the company’s new executive vice president. He was the executive vice president for reverse mortgages of Maverick Funding before Home Point Capital acquired the company in 2015.

“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 Shein.

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