Homebridge completes phase 1 of HomeStreet acquisition

by Ryan Smith06 Jun 2019

Homebridge Financial Services has completed phase one of its acquisition of the distributed retail mortgage-banking segment of HomeStreet Bank. Phase one includes the mortgage production branches and fulfillment functions in Washington state, Oregon and Idaho. Phase two – expected to be completed later this month – will include locations in California and Hawaii.

The acquisition of HomeStreet’s home loan centers and related personnel boosts Homebridge’s business to include 241 retail branches across the country and increases its headcount to 2,344 employees – making Homebridge one of the top 10 privately owned, independent mortgage lenders in the nation based on volume.

“With Homebridge’s focus on customer satisfaction and a culture of growth and collaboration, we see the HomeStreet Mortgage team as a seamless fit,” said Peter Norden, Homebridge CEO. “We look forward to the opportunity to incorporate the HomeStreet Mortgage team into our leading retail platform.”

HomeStreet announced in February that it would be selling off almost all of its mortgage business. It was announced in April that Homebridge would acquire the assets of up to HomeStreet mortgage offices.

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