Point favors deliberate growth with new HEI wholesale channel

Earlier this year, California-based Point launched a third-party origination (TPO) channel to distribute its home equity investment (HEI) products through mortgage brokers, extending access to the equity-tapping product beyond its direct-to-consumer footprint. But the company is targeting deliberate growth rather than rapid volume, said Samuel Bjelac, head of wholesale at Point, who joined the firm in April. “We’re still in the early stages, so our focus over the next 12 to 18 months is on building the foundation for a scalable wholesale business, developing strong broker relationships, creating a great partner experience and executing consistently,” Bjelac told HousingWire’s Reverse Mortgage Daily. “We believe wholesale can become a meaningful contributor to Point’s overall growth. From my experience, when you get the fundamentals right, the volume will follow.” The wholesale effort is aimed at mortgage brokers whose clients are equity rich but reluctant or unable to add new debt through a cash-out refinance or home equity line of credit. Point pitches HEIs as another option for these borrowers. “These families trust loan officers every day to help them navigate their options, so ...