Home Point Capital seeks new CFO amid efforts to improve margins
Home Point Capital, the parent company of wholesale lender Homepoint, is seeking a successor to take over Mark Elbaum’s chief financial officer position.
On February 24, Elbaum submitted his resignation as CFO, according to a March 1 8-K filing from the company. Elbaum’s resignation will be effective April 3 and he will continue to serve as CFO until that date to assist with Home Point Capital’s 10-K filing for 2022, the filing said.
“Mr. Elbaum’s departure is not related to the company’s financial or operating results or to any disagreements with the company regarding the company’s financial, operational, accounting or reporting policies or practices,” according to the filing.
The company didn’t respond to requests for comment on Elbaum’s reason for departure and the search for his successor.
The planned departure of Elbaum comes on the heels of another executive’s resignation at the firm.
Phillip Miller resigned from his position as a chief operating officer in December. Miller assisted with the transition of his responsibilities for two months after his resignation, according to a separate filing with the U.S. Security and Exchange Commission (SEC) in December.
“Mr. Miller’s resignation is not related to the company’s financial or operating results or to any disagreements with the company regarding the company’s financial, operational, accounting or reporting policies or practices,” the filing said.
Amid a rate-rising environment and aggressive pricing from its competitor, United Wholesale Mortgage, the company posted a staggering $94.3 million loss in the third quarter – more than double its loss of $44.4 million in the previous quarter.
Homepoint’s total funded origination fell to $4 billion in the third quarter, down 57% from $9.3 billion in the second quarter.
Executives acknowledged the “reduced-volume environment” and affirmed its focus on improving margins and maintaining liquidity in its most recent earnings call.
The firm also cut costs, including cutting about 75% of its workforce or about 3,000 employees in a span of about 12 months, HousingWire reported previously.
The company will report its fourth quarter and fiscal year 2022 financial results on Thursday.