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HMST

HomeStreet

$27.17

0.55 (2.07%)

16:56
04/04/19
04/04
16:56
04/04/19
16:56

HomeStreet sells mortgage origination business, some mortgage servicing rights

HomeStreet announced that the bank has executed a definitive agreement for Homebridge Financial Services to acquire the assets of up to 50 stand-alone, satellite and fulfillment offices related to the bank's home loan center based single family mortgage origination business, and to make offers of employment to HomeStreet's related personnel. 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. In the event Homebridge realizes a certain level of loan originations for the twelve months following the closing of the transaction, HomeStreet will be entitled to an additional payment of $1M at that time. The transaction remains subject to certain employee and branch office state licensing requirements and other customary closing conditions, and is expected to be substantially completed in Q2. The bank also announced that it has sold a significant portion of its single family mortgage servicing rights. The transactions provide for the sale of mortgage servicing rights related to single family mortgage loans held by or pooled in securities guaranteed by Fannie Mae and Freddie Mac with aggregate unpaid principal balances of approximately $9.9B to New Residential Mortgage and the sale of mortgage servicing rights related to single family mortgage loans pooled in Ginnie Mae mortgage backed securities with aggregate unpaid principal balances of approximately $4.4B to PennyMac Loan Services. Together, these sales represent approximately 71.0% of HomeStreet's total mortgage servicing rights portfolio as of December 31, 2018. The physical transfer of servicing from the bank will take place in stages and is expected to be completed by August. HomeStreet will continue to service the loans between the date of sale and the related physical transfer dates. In connection with these transactions, the company's board has approved a plan of exit pursuant to which the company will no longer consider mortgage banking to be a separate reportable segment of its financial statements under generally accepted accounting principles applicable to the company. These actions are expected to be substantially completed by June 30 and fully completed by December 31 and based on current estimates and assuming the full transfer of offices and employees contemplated in the transaction, the company expects to incur pre-tax charges of $5.4M-$6.7M for severance and related benefit costs, $11.1M-$13.5M of asset and technology related charges, and $3M-$4M of other charges. The total charges resulting from this plan are currently estimated to be approximately $19.5M-$24.2M.

HMST HomeStreet
$27.17

0.55 (2.07%)

06/11/18
RILY
06/11/18
UPGRADE
Target $35
RILY
Buy
HomeStreet upgraded to Buy from Neutral at B. Riley FBR
B. Riley FBR analyst Steve Moss upgraded HomeStreet to Buy and raised his price target for the shares to $35 from $30. The analyst sees a favorable risk/reward at current valuation levels.
09/25/18
SPHN
09/25/18
NO CHANGE
SPHN
FB Financial guidance may add caution about mortgage heavy banks, says Stephens
Stephens analyst Tyler Stafford noted that FB Financial (FBK) has lowered its mortgage expectations for the second half of the year, which he sees being driven by softer volumes than originally expected coupled with incremental GOS margin pressure. Stafford thinks FB Financial's guidance may make investors incrementally more cautious around other mortgage heavy banks, he tells investors. On a list of banks with the largest GOS mortgage exposures as a percentage of revenue as of Q2 2018, Stafford identifies HomeStreet (HMST), Hilltop Holdings (HTH), Fidelity Southern (LION) and Flagstar Bancorp (FBC) alongside FB Financial.
12/20/18
DADA
12/20/18
NO CHANGE
Target $26
DADA
Neutral
HomeStreet price target lowered to $26 from $30 at DA Davidson
DA Davidson analyst Jeff Rulis lowered his price target on HomeStreet to $26 and kept his Neutral rating after discussing the company's guidance with its management. The analyst notes that while HomeStreet expects a 3%-5% decline in its core non-interest expense, he also sees a multiple compression in other bank stocks, justifying his price target revision.
02/19/19
RILY
02/19/19
NO CHANGE
Target $35
RILY
Buy
HomeStreet price target raised to $35 from $29 at B. Riley FBR
B. Riley FBR analyst Steve Moss raised his price target for HomeStreet to $35 saying the company's intention to seek buyers for its mortgage business is a "major positive." A sale would simplify the business model and allow management to focus on growing the commercial bank, Moss tells investors in a research note. He keeps a Buy rating on HomeStreet.

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