4th quarter production $13.1 billion
By MortgageDaily.com staff
1/24/2005

Somebody forgot to tell Golden West Financial Corp. that 2003 was the last year of record mortgage production.

While mortgage heavyweights such as Wells Fargo, Washington Mutual and Countrywide all have reported production last year plummeted from 2003s pinnacle, Golden West reported that 2004 was its best year ever.

The parent of World Savings Bank announced fourth quarter loan originations of $13.1 billion, a 7% decrease from the previous quarter. Almost all, or 99%, of the quarter's originations were adjustable-rate mortgages. Refinance transactions represented 75% of the volume.

Full-year 2004 fundings reached a record-breaking $49.0 billion, a 36% increase from the previous year, the Oakland, Calif.-based thrift said.

"The substantial increase in our mortgage originations this year is noteworthy, because it contrasts with overall nationwide lending, which based on industry estimates, is projected to be down 25% from the record setting levels experienced in 2003," said company chief executive Marion Sandler in a written statement.

Loans serviced for others totaled over $4.5 billion as of the end of the fourth quarter, while the balance of capitalized mortgage servicing rights was $0.05 billion. About $332 million in loans and mortgage-backed securities were past due 90 days or more. Foreclosed real estate was over $11 million, according to the announcement.

The company reported record net earnings of $1.3 billion last year, and said it reached a milestone in terms of size -- with assets exceeding $100 billion for the first time, ranking it the 15th largest among bank and thrift holding companies.

Golden West's chief executives, Marion and her husband Herbert Sandler, were recently honored as the 2004 CEOs of the Year by investment publication Morningstar Inc.

Article © MortgageDaily.com All Rights Reserved