Retail lender Movement Mortgage has invested $200 million to expand its nonprofit Movement Foundation, and to accelerate the development of its growing charter school network.
The investment will also aide in the development of adjacent affordable housing and health clinics in Central America, the company said in a statement this week.
Movement Foundation uses dividends from the mortgage company for affordable housing and related projects to support community stability through homeownership. As the majority shareholder of Movement Mortgage, the Christian foundation will receive the $200 million payment as a year-end dividend.
“By investing in education and community development, we’re building something with generational significance,” said Casey Crawford, Movement Mortgage co-founder and chief economic officer.
Movement says it issued home financing to more than 100,000 families in 2020, originating approximately $30 billion in mortgages.
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That’s a 90% increase in volume compared to 2019, Crawford said.
At least 10 new schools across Charlotte and North and South Carolina will be built, Crawford said, while surrounding them quality affordable housing and health clinics in partnership, with other entities. Funds will also support the construction of “Hope Centers” in Central America, which provide health, counseling and Christian faith-based services in developing countries.
Movement Mortgage built its first charter school in 2017. In 2018, the direct lender laid off nearly 200 employees amid a drop in business. Shortly thereafter, Movement picked up Eagle Home Mortgage from Lennar. At the time, Movement expected the deal to add $1.5 billion in annual mortgage origination volume to its platform.
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