$HMPT reports Q4 and FY 2022 financial results and progress towards growth and profitability
Mar 9th 2023, 11:05 am
Analyst Summary: Home Point Capital Inc. announced their financial results for the fourth quarter and full year ended December 31, 2022. The company reported progress in their key initiatives that will enhance liquidity, improve operational performance, and aid in growth and profitability in 2023. Home Point Capital's financial highlights and key performance indicators indicate an increase of $24.3 million from last quarter's corresponding figures. The company had $662.9 million of undrawn capacity from its mortgage servicing rights line of credit and other credit facilities. In the light of the recent decline in Origination volumes, the company continues to strategically downsize its warehouse lines of credit in order to minimize associated costs and more efficiently operate in the environment of rising interest rates and increased competition. The management team highlights a conference call and live webcast on Thursday, March 9, 2023, and will reassess the payment of cash dividends on a quarterly basis. Quotes from CEO Willie Newman: "We have made significant progress on key initiatives that will enhance our liquidity, improve our operational performance, and serve as a springboard for growth and a path to profitability in 2023." Forward-looking statements: Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated include, among others, our reliance on our financing arrangements, the impact of private legal proceedings, risks associated with our acquisition of mortgage servicing rights, and the impact of the COVID-19 pandemic on our business.