Washington Mutual home equity fundings $5.5 billion
By MortgageDaily.com staff
4/16/2003

As home equity fundings headed higher at Washington Mutual, subprime fundings edged down.

In its first quarter earnings announcement, Washington Mutual, Inc. reported subprime fundings of $4.5 billion, down from $4.7 billion the prior quarter. Subprime business, which is originated by the Long Beach Mortgage subsidiary, was 45% better than a year ago.

Home equity loans and lines of credit jumped 11% from the fourth quarter to $5.5 billion -- 47% better than the first quarter 2002.

The Seattle-based company reported that total production of loans secured by real estate, including subprime and home equity loans, was $105.7 billion.

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