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Mortgage Business Grows at HomeStreet

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In addition to a healthy improvement in home lending activity at HomeStreet Inc., mortgage servicing, staffing and earnings all expanded.

During the three months that ended at mid-2016, single-family mortgage originations were $2.262 billion.

Business
was lifted from the first-three months of this year, when $1.573 billion in residential loans were closed.

Home-loan production also increased from the second quarter of last year, when $2.023 billion in mortgages were funded.

The Seattle-based organization disclosed the numbers, along with other operational and financial results, in its second-quarter earnings report.

First-half mortgage originations amounted to $3.835 billion.

“For the second quarter of 2016, HomeStreet was the number one originator by volume of purchase mortgages in the Puget Sound region, based on the combined originations of HomeStreet and loans originated through an affiliated business arrangement known as WMS Series LLC,” the report stated.

At $2.4 billion, single-family interest rate lock commitments were greater than $1.8 billion in the first quarter — an indication third-quarter volume will continue to rise.

Multifamily originations were $0.147 billion, more than the previous quarter’s $0.039 billion and the year-earlier quarter’s $0.080 billion.

HomeStreet serviced $17.074 billion in single-family loans for others as of June 30, 2016. The third-party servicing portfolio grew from $15.981 billion three months earlier and $12.980 billion twelve months earlier.

The servicing portfolio as of last month included $16.433 billion in agency and government loans.

Residential assets grew to $1.527 billion from $1.507 billion at the end of the first quarter and $1.399 billion at the end of the second-quarter 2015.

The June 30, 2016, total included $1.218 billion in single-family loans and $0.309 billion in home-equity loans and other consumer loans.

Multifamily loans serviced for investors rose to $1.024 billion from $0.946 billion and was up from $0.840 billion as of mid-2015.

Commercial real estate assets finished mid-year at $1.964 billion, more than the $1.836 billion owned as of March 31 and the $1.369 billion owned as of June 30, 2015.

The June 30, 2016, CRE total consisted of $0.762 billion in commercial mortgages, $0.563 billion in multifamily loans and $0.639 billion in construction-and-development loans.

Mortgage banking income before income taxes soared to $23 million from $7 million and was also up from $14 million in the year-prior period.

Across all businesses, HomeStreet earned $35 million before taxes, skyrocketing from $10 million in the prior period and way up from $18 million in the year-earlier period.

HomeStreet employed 1,409 people in its mortgage business. The mortgage staff increased from 1,361 three months prior and 1,207 a year prior.

Company-wide staffing finished last month at 2,335 full-time equivalent employees. Headcount was up from 2,264 as of March 31 and 1,964 as of June 30, 2015.

Three home
loan centers were opened in the latest quarter, bringing to 68 the number open.

Retail deposit branches numbered 48 as of the most-recent period,
the same as three months prior.

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