"Caliber Home Loans, which was sold to the parent of Newrez for $1.675 billion in 2021. Caliber made us fall in love with mortgage banking. It feels like when you create a great culture of people that are aligned, have a clear direction and guidance from the leadership team, you can do special things, Pendleton said in an interview with HousingWire. When we lost that alignment at the top, that's when things started to shift."
"Shoemaker and Pendleton later joined Homepoint, backed by Stone Point Capital. Homepoint went public during the post-pandemic low-rate boom and became the third-largest wholesale lender in the country, but it ultimately collapsed after private equity investors pulled back amid difficulties gaining share once the cycle turned. Homepoint's origination business was sold to The Loan Store in April 2023. TLS's main investment group is led by the former CEO of First Magnus, where Shoemaker worked for a decade."
"Origination volume at Homepoint grew to $6 billion a month via its broker partners at its peak but not everything went smoothly. That experience helped the leadership team identify what works, and what doesn't, as the group built TLS's business. While the COVID-19 pandemic fueled much of Homepoint's growth, another key factor was heavy investment in top-tier account executives (AEs), whom Pendleton calls samurais."
TLS's leadership team includes CEO Phil Shoemaker, president Jason Lee and chief revenue officer William Pendleton, all with deep mortgage-banking experience. Prior roles at Caliber Home Loans, sold for $1.675 billion in 2021, and Homepoint shaped strategic approaches. Homepoint expanded aggressively during the low-rate boom, reached $6 billion a month in broker-originations at peak, then collapsed when private equity pulled back; its origination business was sold to The Loan Store in April 2023. TLS attracted many former Homepoint employees and benefits from investment led by a former First Magnus CEO. TLS emphasizes culture, aligned leadership, capital availability and investment in top-tier account executives.
Read at www.housingwire.com
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