Homebridge Financial Services, Inc. Acquires HomeStreet Bank’s Home Loan

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 of the distributed retail mortgage banking segment of
HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc.
(Nasdaq:HMST) (“HomeStreet”). 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. Phase two will include
locations in California and Hawaii and is expected to be completed later
this month.

This strategic acquisition is in line with Homebridge’s core belief that
in today’s on-demand and digital economy, borrowers benefit the most by
dealing with mortgage experts, not just algorithms.

The acquisition of HomeStreet’s home loan centers and related personnel
raises Homebridge’s profile to now include 241 retail branches
throughout the country and increases its personnel count to 2,344
associates. As a result, Homebridge will now be among the top 10
privately owned, independent mortgage lenders in the country based on
volume.

In addition to its robust branch presence, Homebridge operates two
thriving wholesale divisions, REMN Wholesale and Homebridge Wholesale.

“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, CEO of Homebridge. “We look forward to the opportunity to
incorporate the HomeStreet Mortgage team into our leading retail
mortgage platform.”

HomeStreet first announced in February that it would seek buyers to
acquire its stand-alone home loan centers and related mortgage
origination personnel. Homebridge stood out from a group of qualified
potential purchasers due to its strong focus on the end borrower, a
commitment to the success of its internal associates, and a strong
cultural fit.

“We are excited to bring together our high performing retail mortgage
teams. We feel a deep alignment with the Homebridge vision and overall
sense of purpose. We look forward to the opportunity to carry on our
legacy as part of the Homebridge family,” said Rose Marie David, EVP –
Director of Mortgage Lending at HomeStreet Bank. David will be joining
Homebridge as the EVP, Divisional Manager of the former HomeStreet
mortgage team after both phases of the closing are complete.

Homebridge offers borrowers and the residential builder communities it
works with an almost unparalleled array of mortgage products, including
FHA, FNMA, and jumbo loans. It was cited as the clear leader by the U.S.
Department of Housing and Urban Development for 203(k) in renovation
mortgages in both 2017 and 2018, a subset of loans that can breathe new
life into distressed or outdated properties. Homebridge’s commitment to
customer service in every aspect of the mortgage industry is tangible
through its independent class-leading
Net Promoter score, which is based entirely on customer feedback.

About Homebridge Financial Services, Inc.

Homebridge Financial Services, Inc. (NMLS #6521) is one of the largest
privately held, non-bank lenders in the United States. In the last 25
years, Homebridge has grown to include approximately 2,300 associates
throughout its corporate offices, more than 240 retail branches and two
wholesale divisions, Homebridge Wholesale and REMN…