Record Production at WaMu

Sevicing portfolio nearly $800 billion
By MortgageDaily.com staff
10/18/2002

Washington Mutual, Inc. reported record loan volume for the third quarter.

The company announced $75.48 billion in total loan volume, up 31% from second quarter's $57.78 billion and 59% from last year's $47.45 billion.

The company's SFR loan volume was $67.62 billion, up 57% from $43.09 billion one year ago, and up 34% from second quarter's $50.45 billion, it said. Approximately 42% of the third-quarter's SFR volume represented adjustable-rate mortgages and approximately 67% of the SFR loan volume was a result of refinances. The record for SFR loan volume was set during the first quarter at $59.16 billion.

During the third quarter, Washington Mutual completed its stock acquisition of the parent company of HomeSide Lending, Inc., the U.S. mortgage unit of the National Australia Bank Limited. The company acquired HomeSide's 1.4 million customer relationships nationwide associated with its $131 billion mortgage servicing portfolio, Washington Mutual reported

Loans held in portfolio totaled almost $151 billion during the third quarter, compared with almost $133 billion during last year. The company reported its total servicing portfolio at $794 billion.

The Seattle-based company reported earnings of $976 million during the 3rd quarter.

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