Homebridge Financial Services

Homebridge Financial Services
Company typePrivate
IndustryMortgage lending
Founded1989; 35 years ago (1989) (as REMN)
Headquarters
Iselin, NJ
,
U.S.
Area served
United States
Key people
Peter Norden (CEO)
Joel Katz (President)
Joe Sheriden (COO)
Products
ParentHomeBridge Financial Services, Inc.
Websitewww.homebridge.com

Homebridge Financial Services, Inc. (previously known as Real Estate Mortgage Network),[1] is a privately held, non-bank loan company based in the United States. The company currently comprises approximately 3,000 associates and over 250 retail branches.[2][3] The company also includes two separate wholesale loan operations, HomeBridge Wholesale (headquartered in Irvine, California), and REMN Wholesale (headquartered in Iselin, New Jersey). HomeBridge holds FNMA, GNMA, FHLMC, FHA and VA approvals, and maintains relationships with 49 investors of other non-agency products.[4]

History

In 2012, Peter Norden became CEO of Real Estate Mortgage Network (REMN).[5] On February 1, 2014, REMN changed its name to HomeBridge Financial Services. The company had four divisions: Homebridge Retail (its B2C retail lending division), Homebridge Wholesale (a B2B wholesale lending division), REMN Wholesale (a B2B wholesale lending division) and HomeBridge Funding (its B2B correspondent lending division). In mid-2015 HomeBridge Funding was acquired by Planet Home Lending, LLC.[6]

In 2014 Homebridge funded $6.36 billion in home mortgage loans,[7] and nearly $12 billion in its servicing portfolio.[8] The company increased its funded home loans 36% in 2015 to $8.7 billion.[9] Also in 2014, the company was ranked number ten on Mortgage Executive magazine's list of the "Top 100 Mortgage Companies in America".[10] HomeBridge announced its acquisition of the operating assets of Prospect Mortgage on November 1, 2016.[11][12] The company's current CEO is Peter Norden (a residential mortgage business entrepreneur). [13] The company's president is Joel Katz.[14]

In August 2021, Homebridge agreed to merge with fin-tech startup Figure Technologies, which provides financial services using blockchain technology;[15] However, this merger was cancelled on June 6, 2022 citing "regulatory delays" as being chiefly responsible.[16]

CMG Mortgage acquired the retail division of Homebridge Financial Services on April 1, 2023.[17]

References

  1. ^ "HomeBridge Financial Services, Inc.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-10-29.
  2. ^ "HomeBridge completes purchase of operating assets of Prospect Mortgage". Retrieved 2017-02-27.
  3. ^ "HomeBridge Purchases Operating Assets of Prospect Mortgage". HomeBridge Financial Services. 2017-02-02. Retrieved 2017-02-27.
  4. ^ "HomeBridge to Buy Prospect - Impact on Non-Bank Lender Rankings; FHA Lender Changes". Mortgage News Daily. Retrieved 2017-05-13.
  5. ^ "Peter Norden". Homebridge Corporate Site. 2017-02-26. Retrieved 2017-02-27.
  6. ^ "TRID Loans Closing; Planet Home Finalizes Deal; Vendor Frenzy: New Products, M&A". Mortgage News Daily. Retrieved 2016-10-29.
  7. ^ "Top Retail Volume: Scotsman Guide's Top Mortgage Lenders 2014". Scotsman Guide. Retrieved 2016-10-29.
  8. ^ "HomeBidge Financial Services". HW Magazine.
  9. ^ "Top Overall Volume: Scotsman Guide's Top Mortgage Lenders 2015". Scotsman Guide. Retrieved 2016-10-29.
  10. ^ "Top 100 Mortgage Companies in America 2014" (PDF). Mortgage Executive Magazine. Archived from the original (PDF) on 2016-02-03. Retrieved 2016-10-30.
  11. ^ "HomeBridge to Purchase Operating Assets of Prospect Mortgage - HomeBridge Retail". HomeBridge Retail. 2016-11-01. Retrieved 2016-11-01.
  12. ^ "HomeBridge to Purchase Operating Assets of Prospect Mortgage, Becoming One of the Largest Mortgage Lenders in the United States". Retrieved 2016-11-01.
  13. ^ "REMN rebrands to HomeBridge Financial Services". House Wire.
  14. ^ "HomeBridge to Buy Prospect - Impact on Non-Bank Lender Rankings; FHA Lender Changes". Mortgage News Daily.
  15. ^ Katherine Chiglinsky, "Cagney’s Figure Agrees to Merge with Lender Homebridge," Bloomberg News, August 3, 2021.
  16. ^ Flavia Furlan Nunes,"Figure and Homebridge cancel planned merger" Housing Wire, June 6, 2022.
  17. ^ Flavia Furlan Nunes,"CMG acquires Homebridge’s retail assets" Housing Wire, March 6, 2023.

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