SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 1, 2023

 

Home Point Capital Inc.

 

(Exact Name of Registrant as Specified in its Charter)

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2211 Old Earhart Road, Suite 250

Ann Arbor, Michigan 48105

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (888) 616-6866

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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On June 5, 2023, the Amended and Restated Master Repurchase Agreement (the “GSB Master Repurchase Agreement”), dated as of June 30, 2021, by and among Home Point Financial Corporation (“HPF”), a wholly owned subsidiary of Home Point Capital Inc. (the “Company”), as guarantor, HPFC Sub 1 LLC, as seller and Goldman Sachs Bank USA , as buyer (“Buyer”), terminated in accordance with its terms. The GSB Master Repurchase Agreement provided for a maximum aggregate purchase price of $35 million.

Certain affiliates of Buyer have performed commercial banking, investment banking, or advisory services for the Company from time to time for which they have received customary fees and reimbursement of expenses. They may, from time to time, engage in transactions with and perform services for the Company in the ordinary course of its business for which they may receive customary fees and reimbursement of expenses.

 

On June 1, 2023, HPF completed the sale of servicing rights relating to certain single family mortgage loans serviced for the Government National Mortgage Association (“Ginnie Mae”) with an aggregate unpaid principal balance of approximately $2.7 billion (the “Servicing Rights”) to an approved Ginnie Mae issuer. The total purchase price for the Servicing Rights was approximately $40.0 million, which is subject to certain customary holdbacks and adjustments. The sales represent approximately 3.1% of HPF’s total mortgage servicing portfolio as of March 31, 2023, and approximately 58.1% percent of HPF’s total Ginnie Mae mortgage servicing portfolio as of March 31, 2023. Ginnie Mae consented to the transfer of the Servicing Rights.

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

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