Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

HomeStreet Bank sells off more of its mortgage business to Homebridge

Completes second phase of mortgage business sell-off

HomeStreet Bank’s move away from mortgages is nearing its completion, as the bank announced Monday that it has completed the second part of the sale of a sizable piece of its origination business to Homebridge Financial Services.

Earlier this year, HomeStreet, a community bank and mortgage lender that operates bank branches and standalone home loan centers, announced plans to sell off much of its retail mortgage origination business, along with nearly all of the mortgage servicing rights associated with the loans originated in those retail outlets.

Later, the bank found buyers for its businesses, agreeing to sell a sizable piece of its origination business to Homebridge. Additionally, New Residential Mortgage and PennyMac agreed to buy more than 70% of HomeStreet’s MSR portfolio.

Earlier this month, HomeStreet began the process of selling the parts of its retail origination business, which includes 72 home loan centers in five states, to Homebridge.

In that portion of the deal, Homebridge acquired HomeStreet’s mortgage production branches and fulfillment functions in Washington, Oregon, and Idaho, including processing, underwriting and funding, and hired the related personnel.

And now, the second phase of the deal is complete, with Homebridge acquiring an additional 17 stand-alone, satellite, and fulfillment offices from HomeStreet.

According to the companies, the second part of the deal brings the total number of office locations acquired in the deal to 47.

As part of this second phase, Homebridge hired approximately 110 former HomeStreet origination and support personnel. This brings the total number of former HomeStreet employees hired on by Homebridge to approximately 450.

“This second closing of the offices and personnel transferring to Homebridge represents a significant achievement for HomeStreet toward its long-term strategic goals,” said Mark Mason, HomeStreet chairman, president, and CEO.

“On behalf of the Board of Directors, I would like to thank those employees who are part of this transaction for their hard work and wish them well with their careers at Homebridge, along with those HomeStreet employees who worked so hard to make the transition as smooth as possible,” Mason added.

According to Homebridge, as a result of these additions, the company will now be “among the top 10 privately owned, independent mortgage lenders in the country based on volume.”

Most Popular Articles

Better.com lays off LOs, secures $750M cash injection

Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

Who’s afraid of the PSPA?

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the FHFA should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Dec 06, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please