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April 9, 2019
Seattle-based HomeStreet Bank is selling its single-family mortgage origination business to Homebridge Financial Services. The deal includes up to 50 stand-alone, satellite and fulfillment offices; and offers of employment to HomeStreet's related personnel. HomeStreet expects the deal to be inked by summer. The bank also sold about 71% of its single-family mortgage servicing rights to New Residential Mortgage and PennyMac Loan Services; and approved a $75 million stock repurchase program. The bank is reducing its reliance on the cyclical and volatile earnings stream of single-family mortgages and focusing on more stable earnings from commercial and consumer banking.