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Stock Market & Financial Investment News

News Breaks
March 5, 2014
06:06 EDTHMSTHomeStreet to sell two residential mortgage loan pool
HomeStreet announced its intent to sell two pools of residential loans, retaining the right to service such loans. The first pool is comprised of fixed-rate residential mortgage loans with outstanding principal balances of approximately $105M. The second pool is comprised of adjustable rate residential mortgage loans with outstanding principal balances of approximately $222M. The mortgage loans subject to these sales are located in Washington, Oregon, Idaho and Hawaii. The $105M pool sale is expected to close in March and the $222M pool sale is expected to close in April.
News For HMST From The Last 14 Days
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July 29, 2014
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."

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