HomeStreet Bank Sells Interest In Penrith Home Loans
HomeStreet Bank is moving further away from the mortgage business after selling much of the retail mortgage sector to Homebridge Financial Services, New Residential Mortgage and PennyMac.
"HomeStreet announced Thursday that it sold off all of its ownership interest in WMS Series, which does business as Penrith Home Loans," according to HousingWire.
"Penrith operates in the Pacific Northwest and was an affiliated business arrangement between one of HomeStreet subsidiaries and franchisees of Windermere Real Estate, which has 300 offices and more than 6,500 real estate agents throughout the western part of the U.S."
Penrith will continue to operate within the Windermere offices, according to the report, though, it will do so under a new structure.
"We at HomeStreet have had the good fortune to have been in business with Windermere for over twenty years and it has been a successful part of our overall business," said Mark Mason, CEO and president of HomeStreet, according to HousingWire.
"As we continue to focus on the growth of our commercial banking operations, we felt it was the right time for HomeStreet to exit this business, but we wish Penrith all the best and expect it will continue to be a successful business as an independent company going forward."
To learn more about the sale of HomeStreet Bank's Penrith Home Loans, click on the image above.