HomeStreet Announces Changes to Fannie Mae DUS Business
October 14 2020 - 11:32AM
Business Wire
HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent
company of HomeStreet Bank (the “Bank” and together with
HomeStreet, the “Company”), today announced that pursuant to an
agreement with Fannie Mae that became effective on September 30,
2020, the Company will reorganize its Fannie Mae Delegated
Underwriting and Servicing (“DUS”) business. This agreement will in
effect move the origination, sale and servicing of mortgages on
multifamily properties under the DUS authority from Fannie Mae to
the Bank from a separate subsidiary of HomeStreet, HomeStreet
Capital (“Capital”). Capital will continue to service its existing
portfolio of DUS loans for the foreseeable future through an
intercompany agreement with the Bank.
“We are pleased to be able to consolidate these operations at
the Bank,” said Mark K. Mason, President, Chief Executive Officer,
and Chairman of the Board of HomeStreet. “By using the Bank’s
capital resources and available collateral, we will be able to
offer larger loans to our clients and leverage the Bank’s long-term
commercial real estate experience and market knowledge to better
serve our clients. I would like to thank our colleagues at Fannie
Mae for quickly working with us to approve our request to improve
this very long-standing relationship.”
HomeStreet has been originating, selling, and servicing
multifamily residential loans made through the Fannie Mae DUS
program since 1988, and is one of only 23 authorized DUS lenders in
the United States.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial
services company headquartered in Seattle, Washington, serving
consumers and businesses in the Western United States and Hawaii
through its various operating subsidiaries. The Company is
principally engaged in real estate lending, including mortgage
banking activities, and commercial and consumer banking. Its
principal subsidiaries are HomeStreet Bank and HomeStreet Capital
Corporation. Certain information about our business can be found on
our investor relations web site, located at
http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC
and an Equal Housing Lender.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201014005790/en/
Investor Relations: Gerhard Erdelji, 206-515-4039
gerhard.erdelji@homestreet.com
or
Media Relations: Misty Ford, 206-876-5506
misty.ford@homestreet.com
HomeStreet (NASDAQ:HMST)
Historical Stock Chart
From Jun 2024 to Jul 2024
HomeStreet (NASDAQ:HMST)
Historical Stock Chart
From Jul 2023 to Jul 2024