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United Wholesale Mortgage's Interactive 2010 Good Faith Estimate

An interactive walk-through of United Wholesale Mortgage's 2010 Good Faith Estimate. Please contact your UWM Account Executive at 800-981-8898 ...

Maverick Funding Acquisition Finalized, Reverse Lender Gets New Name

While some acquisitions may mean changes in leadership or staff, Shein says no layoffs are taking place due to Home Point Financial’s acquisition of Maverick — “the current change is simply growth.”  

Maverick’s business, which had 30 retail branches across 10 states and a national third‑party lending operation, will serve as Home Point Financial’s initial mortgage banking platform.

“The acquisition of Maverick provides us with a strong entry point into mortgage banking,” said Newman, Home Point Financial’s CEO and president, in a written statement. “We intend on leveraging and expanding the core capabilities provided by the Maverick acquisition into a diverse, vertically integrated national mortgage banking organization.”

Additionally, with a new name and a stronger national presence, Maverick hopes to expand its footprint and rise in reverse mortgage rankings. 

“We finally will have better reach to consumers and brokers nationwide, which is a huge plus for us,” says Shein, formerly executive vice president at Maverick. “With Home Point’s depth, experience and overall industry knowledge, we hope to climb [further] in the HECM rankings and … get into the top-five — and that’s part of our growth plan.

Chicago bank launches mortgage banking headquarters in Ann Arbor with 115 employees

The news reflects one of the largest commercial real estate deals in Washtenaw County over the last few years — and one of the largest single incidents of job creation in the private sector.

Newman, who leads Cole Taylor Bank’s mortgage unit, told AnnArbor.com the new operation would originate mortgages, acquire loans from mortgage bankers, service loans and package them for sale.

The unit’s growth — Newman launched it in December 2009 — comes as the mortgage industry has entered a period of prolonged stagnation in the aftermath of the U.S. housing market’s implosion.

Total mortgage originations for 1-family to 4-family residences were expected to fall from 1.572 million in 2010 to 1.182 million in 2011 and 907,000 in 2012, according to a forecast released Oct. 11 by the Mortgage Bankers Association . In 2013, mortgage originations are expected to rise to 1.103 million.

Newman said Cole Taylor Bank is well positioned to succeed in a challenging market.