HomeStreet in Seattle to sell $794M Ginnie Mae portfolio

HomeStreet in Seattle has agreed to sell its Ginnie Mae mortgage servicing portfolio.

The $8 billion-asset HomeStreet, which recently agreed to sell itself to Mechanics Bank in California, did not disclose the buyer. The sale is expected to close on Aug. 1.

The principal balance of the loans to be sold was $794 million on June 30, 2025. Because HomeStreet carried the portfolio at current market value on June 30, no gain or loss is expected to be realized.