This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

HomeStreet, Inc. Reports First Quarter 2012 Results

Mortgage Banking

Mortgage Originations

Single family mortgage originations designated for sale totaled $712.3 million, increasing $88.2 million, or 14.1%, from the fourth quarter of 2011 and increasing $436.7 million, or 158.5%, from the first quarter of 2011. Single family mortgage interest rate lock commitments, net of estimated fall out, totaled $920.2 million during the first quarter, up $377.1 million, or 69.4%, from the fourth quarter of 2011 and up $666.5 million, or 262.7%, from the first quarter of 2011. Net gain on mortgage loan origination and sales activities was $28.9 million, an increase of $10.0 million, or 52.7%, over the fourth quarter of 2011 and up $24.0 million, or 484.5%, over the first quarter of 2011.

Our mortgage loan origination and sales revenue growth reflects both an elevated demand for mortgage loan products driven by continued low mortgage interest rates and the expansion of our mortgage banking business through the addition during the quarter of approximately 170 mortgage originators, processors, funders, underwriters and other support personnel that were previously with MetLife Home Loans. These personnel contributed approximately $207.0 million of single family interest rate lock commitments during the quarter, $59.0 million of which was closed by March 31, 2012. Our results also reflect strong secondary market profit margins that began to increase in the latter half of 2011 and continued through the first quarter of 2012, reflecting elevated refinancing activity and industry consolidation.

Mortgage Servicing

Mortgage servicing income of $7.9 million increased $1.9 million, or 32.0%, over the fourth quarter of 2011 and $2.0 million, or 34.6%, over the first quarter of 2011. The increase on a linked-quarter basis was primarily due to $1.9 million of net valuation gains on mortgage servicing rights and related hedge instruments, as compared with a net valuation loss of $189,000 during the fourth quarter of 2011. The total loans serviced for others portfolio increased to $7.77 billion compared with $7.70 billion as of December 31, 2011.

2 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs