Real estate loans outstanding at $143.0 billion
By MortgageDaily.com staff
4/16/2003

Washington Mutual reported that real estate-secured loan volume edged down slightly during the first quarter.

According to an earnings announcement yesterday from Washington Mutual, Inc., total production of loans secured by real estate was $105.7 billion, less than one percent below the level in the fourth quarter. A year ago, loan volume was $64.4 billion.

The Northwest banking behemoth said that 57% of its loans were self-originated while 43% were originated through the purchases/correspondent channel. About one-fourth of its conforming residential business was adjustable rate and three-fourths was fixed.

Real estate secured loans outstanding at the end of the quarter were $143.0 billion.

Residential mortgage banking income was reported at $723 million. Washington Mutual said the gain from mortgage loans was $587 million, an increase of $195 million over the fourth quarter of 2002. Total earnings for the Seattle-based company was $1 billion for the quarter.

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