Ann Arbor-based Home Point Capital posted first quarter earnings of $ 149 million

Ann Arbor-based mortgage lender Home Point Capital Inc. posted profits of $ 149 million on total revenues of $ 422 million in the first part of 2021.

The newly released Home Point (NASDAQ: HMPT) reported its quarterly results on Thursday morning. The company’s reported revenue was a shortfall of nearly $ 42 million based on analyst expectations, while the company’s earnings of $ 1.06 per share surpassed 37 cents, according to financial news website Seeking Alpha .

Amid a blazing real estate market and interest rates rising slightly from historic lows, Home Point reported total mortgage loans of $ 29.4 billion, up from $ 23.9 billion in the final quarter of 2020 and more than three times the amount reported in the first quarter Quarter of last year.

“Our results for the first quarter of 2021 reflect the benefits of Home Point Capital’s diversified business model, which enables the company to create value in a variety of macro-economic environments,” said Willie Newman, President and CEO of Home Point, in one Press release.

“We have entered 2021 with significant momentum. This was reflected in the first quarter when we hit a record $ 29 billion. We also significantly increased the pace of new additions to our brokerage partner platform, one of them we believe they will move forward in the long run. ” Growth of our market share. In addition, our growing service book and increased ratings made a positive contribution to our first quarter results. “

The company’s stock rose nearly 4 percent, trading at $ 9.38 per share Thursday morning before the stock market opened.

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