The grants will come from Home Point's brand-new charitable foundation
Home Point Financial announced Friday the launch of a charitable foundation. Home Point will dedicate the first $1 million from the foundation to funding 50 new minority- and female-owned mortgage brokerages across the US.
“At Home Point, we’re passionate about expanding opportunities for people from all walks of life interested in participating in the mortgage industry,” said Phil Shoemaker, president of originations at Home Point Financial. “Through this foundation, we’re committed to investing our financial and human capital where it’s needed most. We look forward to helping people make their entrepreneurship dreams a reality.”
According to Home Point, the initial $1 million in grant money will be distributed in coordination with the Association of Independent Mortgage Experts (AIME) as part of AIME’s Spark program, which is targeted toward expanding opportunities for women and minorities in the mortgage industry. The partnership was announced Friday at AIME’s National Fuse Conference.
“We’ve seen incredible growth in the broker community since AIME started a few years ago and want to continue the momentum by supporting a more diverse and inclusive landscape,” said Katie Sweeney, executive vice president of strategy at AIME. “We’re thrilled to receive this generous investment from Home Point’s community foundation. The donation will go a long way in helping minority and female broker-owners build their businesses.”
The foundation will allocate grants to 25 minority-owned and 25-female-owned brokerages, Home Pint said. Awards include one $50,000 grant, four $25,000 grants and 20 $17,500 grants per group. To be considered, grant applicants must submit a business plan and show relevant experience in the mortgage industry. The funding amount will be based on state-required resources for operations, Home Point said.