WaMu Volume Off

$57.2 billion 1st quarter production
By MortgageDaily.com staff
4/20/2005

Washington Mutual Inc. saw its first quarter fundings fall.

Total home loan production was $57.2 billion, according to the first quarter earnings announcement, down from a revised $60.8 billion during the prior quarter and a revised $59.9 billion during the first quarter of last year.

"The decline from both periods was due primarily to a decline in refinancing activity resulting from higher interest rates," the Seattle-based company said.

Refinances accounted for $29.7 billion of fundings, the announcement said, and adjustable-rate loans represented 63% of originations.

Retail volume was $25.6 billion, WaMu reported, while wholesale production accounted for $16.7 billion. Purchased/correspondent volume was $17.2 billion.

Subprime business from the specialty mortgage finance unit was $7.7 billion, WaMu said, and home equity loans and lines of credit volume was $8.9 billion.

First quarter net income was $902 million, according to the report, with the mortgage banking segment delivering $243 million.

Special Programs