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Stock Market & Financial Investment News

News Breaks
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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October 28, 2014
05:17 EDTHMSTHomeStreet to be surviving company in merger with Simplicity Bancorp
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05:13 EDTHMSTHomeStreet reports Q3 EPS 33c, consensus 29c
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October 20, 2014
07:53 EDTSTISunTrust upgraded to Positive from Neutral at Susquehanna
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October 17, 2014
06:39 EDTSTISunTrust intends to repurchase $230M of stock in next two quarters
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06:06 EDTSTISunTrust reports Q3 EPS ex-items 81c, consensus 81c
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