Seattle-based HomeStreet Bank
is selling a portion of its single-family mortgage servicing rights (MSR) to Matrix Financial Services Corp., headquartered in Phoenix. The transaction is scheduled to be completed by Aug. 16.
According to HomeStreet, the sale represents 20 percent of its single-family mortgage servicing portfolio, which consists of approximately $4.9 billion in total unpaid principal balance of single-family mortgage loans serviced for both Fannie Mae and Freddie Mac. HomeStreet added that approximately $27.2 million in deposit balances representing custodial funds and advances relating to the MSRs being sold will also be transferred to Matrix.
“The sale of this portfolio of mortgage servicing rights is part of our ongoing balance sheet and capital management,” said Mark K. Mason, HomeStreet Chairman, President, and CEO. “This sale will provide regulatory capital relief to support the continued growth of our commercial and consumer banking business.”