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July 1, 2014
08:15 EDTHMST, STIHomeStreet closes deal to sell mortgage servicing rights to SunTrust
HomeStreet (HMST), the parent company of HomeStreet Bank, announced that the Bank has executed and closed a definitive agreement selling a portion of its single family mortgage servicing rights portfolio to SunTrust Mortgage (STI). The transaction closed on June 30, and provides for the sale of the rights to service approximately $3B in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, which represents about 25% of HomeStreet’s total single family mortgage loans serviced for others portfolio as of March 31. The sale is expected to result in an increase of approximately $5.4M in mortgage servicing income for the quarter ending June 30, HomeStreet said. The physical transfer of servicing from the Bank to SunTrust is scheduled for October 1, and is subject to customary conditions. HomeStreet will continue to service the loans between the closing date and the final transfer date. “The sale of this portfolio of mortgage servicing rights is part of our ongoing balance sheet and capital management as well as in preparation for the January 1, 2015 effective date of the new Basel III-based regulatory capital standards,” said HomeStreet CEO Mark Mason.
News For HMST;STI From The Last 14 Days
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July 30, 2014
07:41 EDTSTISunTrust management to meet with Deutsche Bank
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July 29, 2014
07:13 EDTSTISunTrust management to meet with Deutsche Bank
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05:05 EDTHMSTHomeStreet reports Q2 EPS 63c, consensus 73c
HomeStreet CEO Mark K. Mason stated, "Our mortgage origination business returned to profitability in Q2. Our long-term strategy of continuing to grow our retail mortgage banking franchise helped us grow our closed loan production at two to three times the rate of the industry in Q2. This additional loan volume, in conjunction with our efforts to improve production efficiency, resulted in a substantial decrease in the cost per unit to produce loans in the quarter. We continue to believe we are on track to meet or exceed last year’s origination volume, despite a recent softening of growth in the national and regional markets. We also maintained our position as the top lender for purchase mortgage originations in Puget Sound and the three-state Pacific Northwest region. Additionally, California’s mortgage originations comprised 20% of the company's closed loan volume in Q2. Our commercial and consumer banking business continued to expand, with strong loan production and loan portfolio growth. We target growth in our interest-earning assets of 5% or more per quarter, subject to liquidity and capital constraints. We opened one new retail deposit branch this quarter, with another opening in July, in our core market of Seattle, with two more scheduled for the second half of this year. We are happy to report that the core deposit growth trajectory for each of our de novo branches over the last two years continues to be at or above our expectations."
July 22, 2014
10:00 EDTSTIOn The Fly: Analyst Downgrade Summary
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05:34 EDTSTISunTrust downgraded to Equal-Weight from Overweight at Evercore
Evercore downgraded SunTrust to Equal-Weight citing the recent outperformance of shares and net interest margin headwinds. The firm lowered its price target for shares to $40 from $42.
July 21, 2014
06:04 EDTSTISunTrust reports Q2 EPS ex-items 81c, consensus 77c
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