The company’s mortgage servicing segment, on the other hand, generated a contribution margin of $186 million in 2021, up from $147 million in 2020. Revenue in the servicing segment also increased year over year, up from $199 million to $371 million.
Last week, Home Point announced outsourcing its servicing operations to ServiceMac. Phil Shoemaker, president of originations at Homepoint, said the partnership would enable the company to free up resources to accelerate enhancements to its wholesale platform.
“The flexibility of our model and team enabled us to adapt to a rapidly evolving market and ultimately produce another record year of growth,” said Willie Newman, president and CEO of Home Point Capital. “We expanded our broker partner network to over 8,000 brokerages and made meaningful progress on key initiatives to evolve our business, including rigorous expense management, expanded capital markets execution alternatives, and building more optionality in servicing. These achievements, as well as our ongoing focus on the wholesale channel, have effectively positioned us to navigate through what we expect to be a challenging environment in 2022.”