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HomeStreet Bank finds a buyer for its retail loan centers: Homebridge

According to HomeStreet, the move came about because of “persistent challenges facing the mortgage banking industry.” The bank cited “the increasing interest rate environment,” which has reduced the demand for refinances, and higher home prices that have decreased the affordability of homes as factors dragging down its mortgage origination business.

So, the bank said that it was moving away from mortgages, although not entirely. The bank said that it planned to continue originating mortgages sourced through its bank branches, online banking services, and affinity relationships.

But now, the bank has found its buyer in Homebridge.

“We are excited to be working with Homebridge as the potential home for our high performing network of home loan centers and personnel,” said Mark Mason, chairman, president, and chief executive officer of HomeStreet. “Our network of office locations and origination personnel complement the existing Homebridge business well. We hope to conclude our negotiations and announce a transaction in the first quarter, and to begin the process of moving our home loan centers, fulfillment facilities and mortgage personnel to their new home.

HomeStreet has potential buyer for its mortgage operations

HomeStreet in Seattle has agreed to sell its mortgage business to Homebridge Financial Services in Iselin, N.J.

The $6.9 billion-asset HomeStreet said in a press release Wednesday that Homebridge plans to buy its stand-alone home loan centers and hire related mortgage personnel. The companies are currently operating under a letter of intent while working on a definitive agreement.

“We are excited to be working with Homebridge as the potential home for our high performing network of home loan centers and personnel,” Mark Mason, HomeStreet’s chairman, president and CEO, said in the release.

“Our network of office locations and origination personnel complement the existing Homebridge business well,” Mason added. “We hope to conclude our negotiations and announce a transaction in the first quarter, and to begin the process of moving our home loan centers, fulfillment facilities and mortgage personnel to their new home.”

HomeStreet plans to keep originating mortgages through its branches, online banking services and affinity relationships.

what is a mortgage affinity program?


A mortgage affinity propgram is one where a company (typically a LARGE company) contracts with a lender (or even more frequently, a real estate sales company) to rebate part of its fee in exchange for a "warm" lead.