TUCSON, Ariz., June 2, 2023 — The Loan Store, Inc. announced that, effective today, Phil Shoemaker has assumed the role of chief executive officer. Shoemaker was named incoming CEO on April 7 when it was announced that The Loan Store had entered into a definitive agreement to acquire certain assets of Homepoint’s wholesale originations channel. Mark Lefanowicz, who has served as The Loan Store’s president and CEO since 2019, will continue as chairman of the board.
“Phil Shoemaker is a proven builder and we are thrilled to have him leading The Loan Store into its next chapter,” said Mark Lefanowicz, The Loan Store’s newly appointed chairman of the board. “Phil has consistently been one of the foremost voices in promoting and expanding the wholesale channel, and he has an outstanding track record of developing companies from new entrants in wholesale lending into well-known, perennial top performers. His vision and leadership will help drive sustainable growth for The Loan Store and wholesale mortgage lending overall.”
Shoemaker, a 26-year veteran of the mortgage industry, joins The Loan Store after most recently serving as the President of Originations at Ann Arbor, MI-based Homepoint for the past five years. There, he successfully guided Homepoint from a startup into a top-10 non-bank mortgage lender and the nation’s third-largest wholesale mortgage lender for four consecutive years. Previously, Shoemaker was a founding executive at Caliber Home Loans, Inc., an organization he helped scale into a perennial top-5 wholesale lender.
“Leading the team at The Loan Store is a dream opportunity for me, and I’m excited to work with so many talented people who are passionate about making a positive impact in mortgage lending,” said Phil Shoemaker, Chief Executive Officer of The Loan Store. “We’re in expansion mode and focused on enhancing our platform to make The Loan Store a sustainable and reliable option for wholesale loan originators.”
Shoemaker taking on leadership of The Loan Store following the Homepoint acquisition signals a significant growth point for the young company, which was founded in 2019. The company is rapidly expanding its operational capabilities in regard to products, licensing and personnel to best serve its mortgage broker and non-delegated correspondent partners.
The Loan Store, which has already developed a reputation in its early years for providing five-star service by leveraging efficient processes and modern technology, enhanced its partner services by onboarding approximately 100 of Homepoint’s top-performing sales and operations personnel. The company also expects to expand its state licensing footprint to nearly all 50 states and roll out several unique product offerings within the next few months.
“The wholesale channel benefits from having multiple lenders that loan originators can consistently rely on,” said Shoemaker. “Our goal at The Loan Store is to combine a best-in-class sales and operations team with an easy-to-use process, competitive rates, and a unique product mix so that we’re a top choice for wholesale loan originators looking to win clients and real estate agents.”