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February 18, 2019

HomeStreet plans to sell home loan and mortgage business

HomeStreet, the parent company of the HomeStreet Bank, is planning to divest the majority of its home loan and mortgage business.

Currently, the company is seeking buyers to sell the portfolio.

In a statement, the company said that it has retained ‘Keefe, Bruyette & Woods to seek buyers to acquire its stand-alone home loan centres and related mortgage origination personnel’.

Additionally, it has retained MountainView Transaction Advisory to assist in the sale of the majority of its single family mortgage servicing rights primarily associated with loans originated by those home loan centres and personnel.

Once the divestment is completed, the bank will continue to hold a smaller mortgage operation. All loan originations will then be sourced through the branch network, online banking services, and affinity relationships.

HomeStreet chairman, president, and CEO Mark Mason said: “The Board of Directors made the difficult decision to explore the potential sale of our mortgage banking business after extensive deliberations, ultimately concluding that this potential change would be in the best long-term interests of the Company and its shareholder.

“We are considering a sale at this time after having taken substantial steps in the last two years to improve the profitability of our mortgage banking business while expecting a near term recovery in industry volume and profitability.”

Headquartered in Seattle of Washington, HomeStreet offers diversified financial services to consumers and businesses in the western US and Hawaii.

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