Quarterly home-lending volume, mortgage earnings and residential loan servicing all increased at HomeStreet Inc., as did mortgage assets.
Income before taxes climbed to $43 million during the three months that ended on Sept. 30 from $35 million in the prior three-month period.
Details about the Seattle-based bank-holding company’s results were disclosed on Monday in its third-quarter 2016 earnings report.
Income soared from the $14 million earned in the same three months of last year.
“We are proud of our record results for the third quarter,” HomeStreet Chairman, President and Chief Executive Officer Mark K. Mason said in the report. “We achieved record net income and total assets for the quarter with strong contributions from both of our segments.”
Within just the mortgage banking business, HomeStreet earned $27 million before income taxes. Earnings increased from $23 million in the second quarter and $5 million in the third-quarter 2015.
Residential loan originations during the period beginning on July 1, 2016, and concluding on Sept. 30 came to $2.648 billion. Business accelerated form $2.262 billion in the second quarter and $1.934 billion in the third quarter of last year.
“For the third quarter of 2016, HomeStreet was the number one originator by volume of purchase mortgages in the Puget Sound region, based on the combined originations of HomeStreet and loans originated through an affiliated business arrangement known as WMS Series LLC,” the report stated.
For the first-nine months of 2016, U.S. mortgage production amounted to $6.483 billion.
Single-family interest rate lock commitments increased to $2.7 billion from $2.4 billion in the second quarter, pointing to continued strength in fourth-quarter mortgage production.
Multifamily originations plummeted to $0.045 billion from $0.147 billion in the second quarter and were off from $0.047 billion in the third-quarter 2015. Year-to-date multifamily lending stands at $0.231Â billion.
HomeStreet serviced
$18.199 billion in residential loans for others. The servicing portfolio was up from $17.074 billion as of June 30 and $14.271 billion as of Sept. 30, 2015.
Last month’s total included $17.594 billion in
government and agency loans and $0.605 billion in other loans.
The weighted-average servicing fee was 0.29 percent, the same as in the previous period.
Residential assets totaled $1.525 billion as of Sept. 30, 2016. The residential investment portfolio was off from $1.527 billion
as of three months previous but up from $1.409 billion one year previous.
The most-recent residential investment portfolio consisted of $1.186 billion in single-family loans, while home-equity loans and other consumer loans accounted for the other $0.338 billion.
HomeStreet serviced $1.055 billion in multifamily loans for third parties. The serviced-for-others portfolio grew from $1.024 billion three months earlier and $0.867 billion one year earlier.
Commercial real estate assets on the balance sheet
finished the latest quarter at $2.034 billion, more than $1.964 billion at the end of June and $1.476 billion at the conclusion of September 2015.
Last month’s CRE assets were made up of $0.810 billion in commercial mortgages, $0.562 billion in multifamily loans and $0.662 billion in construction-and-land-development loans.
There were 1,483 full-time equivalent employees working in HomeStreet’s mortgage business as of the the latest quarter. Staffing was up from 1,409 people three months prior and 1,293 employees one year prior.
Company-wide staffing finished last month at 2,431 full-time equivalent employees, more than the 2,335 people on the payroll at mid-2016. Headcount was 2,100 as of Sept. 30, 2015.
The number of home-loan centers finished September 2016 at 70,
two more than at mid-year. Retail deposit branch count was 51, up from 48.
