This chart proves mortgage credit availability isn’t improving

Zillow: Top 10 markets to buy and sell your home now

California takes over one list

Wealthier Americans mean a bigger bond market

More liquidity means more debt
W S
Servicing / The Ticker

HomeStreet sells MSRs, mortgages

Reduces mortgage concentration

money flare
/ Print / Reprints /
| Share More
/ Text Size+

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. 

Recent Articles by Brena Swanson

Comments powered by Disqus