After selling off originations businesses and laying off thousands, Home Point will sell $84 billion in mortgage servicing rights for $324 million in cash.
Michael J. DeVito
Freddie Mac is bringing Wells Fargo Home Lending veteran Michael J. DeVito out of retirement as its new CEO, starting June 1. At Wells Fargo, DeVito worked in loan origination, servicing, portfolio management, secondary marketing, and risk. At various points of his career, he headed up home lending production, servicing, default servicing, and loan workouts. He retired as head of Wells Fargo Home Lending in September after 23 years with the company.
DeVito’s predecessor, David Brickman, notified Freddie Mac’s board of directors on Nov. 9 that he was stepping down, effective Jan. 8. So DeVito will be taking over from interim CEO Mark B. Grier, who will go back to being a full-time board member.
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Home Point Capital Announces Pricing of Initial Public Offering
Home Point Capital Inc.January 29, 2021 GMT
ANN ARBOR, Mich., Jan. 28, 2021 (GLOBE NEWSWIRE) Home Point Capital Inc. (“Home Point Capital”), the parent entity of Homepoint, today announced the pricing of its initial public offering of 7,250,000 shares of its common stock at $13.00 per share. The shares are expected to begin trading on the NASDAQ Global Select Market on January 29, 2021 under the ticker symbol “HMPT,” and the offering is expected to close on February 2, 2021, subject to customary closing conditions. Home Point Capital is not selling any shares in the offering. In connection with the offering, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,087,500 shares of Home Point Capital’s common stock to cover over-allotments, if any.