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Home Point Financial announced its plans to launch a charitable community foundation and is committing $1 million to grow the broker channel through AIME Spark. The company notes that the initial dollar amount will "soon increase."
The first $1 million will be given in grants to 50 recipients who are aspiring broker-owners. According to Home Point, $500,000 will go toward the creation of 25 minority-owner mortgage brokerages and the other $500,000 will go toward the creation of 25 woman-owned mortgage brokerages. These allocations have been selected as the company believes these are two largely underrepresented groups in the mortgage broker channel.
To do this, the first $1 million is going to be contributed to AIME's new AIME Spark program, which was announced at AIME Fuse earlier today. Home Point notes that its community foundation is separate from the new AIME Spark program and that additional money will be dedicated to supporting and growing the broker channel in other ways separately from the AIME Spark program.
According to Home Point, they are the first wholesale mortgage lender in the country to have a charitable community foundation dedicated to growing the independent mortgage broker channel.
"To be considered, an application must be submitted that includes a business plan and shows relevant experience in the mortgage industry. The funding amount will be based on state-required resources for operations," according to Home Point. "Grant funds can be used for business expenses relating to technology, licensing expenses, office expenses, services, marketing, surety bonds and salaries for support staff. The application review process begins Feb. 1, 2021. The winners will be chosen on March 31, 2021."