Terms of the deal – which was first announced in February – have not been divulged.
Phase one includes the acquisition of HomeStreet’s loan production branches and fulfillment functions in Washington, Oregon and Idaho, including processing, underwriting and funding – and the hiring of related personnel.
Phase two, which is expected to be completed later this month, will include the acquisition of HomeStreet’s locations in California and Hawaii.
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, the company says in a release.
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 expansive branch presence, Homebridge operates two 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,” says Peter Norden, CEO of Homebridge. “We look forward to the opportunity to incorporate the HomeStreet Mortgage team into our leading retail mortgage platform.”