The New York Times rambles, and mangles mortgages along the way

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Servicing / The Ticker

HomeStreet sells MSRs, mortgages

Reduces mortgage concentration

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According to Bloomberg, HomeStreet sold $211 million of its held-for investment single-family mortgages in the second quarter, recognizing a $3.9 million gain. In addition it sold mortgage-servicing rights for $3 billion of loans, resulting in a $4.7 million gain, CEO Mark Mason, said.

The loans were sold in effort to reduce mortgage concentration in its portfolio. The MSR sale is tied to capital management in preparation for Base III, intended to be “one-time sale.”

“I guess I can never rule out another transaction if servicing values were to reach levels that we though were abnormally high that would mitigate the very negative effects,” Mason said. 

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