Homebridge Financial Services, Inc. Acquires HomeStreet Bank’s Home Loan Center-Based Mortgage Origination Business

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New Jersey-based private, non-bank mortgage lending company Homebridge Financial Services, Inc. has agreed to buy as many as 50 HomeStreet Bank home loan center offices for around $5.9 million and.

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Homebridge Financial Services Inc. will acquire up to 50 of HomeStreet Bank’s satellite and fulfillment offices and can hire the employees. Homebridge has agreed to a purchase price of the net book value of the acquired assets plus a premium, as well as the assumption of certain home-loan center and fulfillment office lease obligations.

HomeStreet (HMST) Announces Signing of LOI with Homebridge Financial Services with Respect to Sale of HomeStreet’s Home Loan Center-Based Mortgage Origination Business

SEATTLE & ISELIN, N.J.–(BUSINESS WIRE)– Homebridge Financial Services, Inc. (Homebridge), one of the largest independent mortgage lenders in the U.S., has completed phase one in the acquisition.

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As part of the initial closing 30 stand-alone, satellite, and fulfillment offices related to the Bank’s home loan center-based single family mortgage origination business, have been transferred to Homebridge.

Homebridge Financial Services, Inc. (Homebridge), one of the largest independent mortgage lenders in the U.S., has completed phase one in the acquisition of the distributed retail mortgage banking segment of HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc. (Nasdaq:HMST) ("HomeStreet").

Homebridge Financial Services has completed phase one in the acquisition of the distributed retail mortgage banking segment of HomeStreet Bank, a wholly-owned subsidiary of HomeStreet Inc. Phase one of the acquisition includes the mortgage loan production branches and fulfillment functions in Washington, Oregon and Idaho, including processing, underwriting and funding-and the hiring of related personnel.

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HomeStreet Inc., the Seattle-headquartered parent company of HomeStreet Bank, has announced the sale of 50 of the bank’s single-family mortgage origination offices to Homebridge Financial Services, headquartered in Woodbridge, N.J. Homebridge has agreed to a purchase price of the net book value of.

"The sale of the home loan center-based mortgage origination business and related servicing rights will significantly reduce the size and scope of HomeStreet’s single family mortgage operation.