Record Year at Golden West

$13.1 billion 4th quarter production
By MortgageDaily.com staff
1/24/2006

Golden West Financial Corp. achieved milestone yearly fundings while failing to improve on the prior quarter.

Fourth quarter originations totaled $13.1 billion, off $0.7 billion from the prior three-month period and unchanged from the same period in 2004, according to Golden West's earnings announcement today.

Loan originations totaled a record $51.5 billion in 2005, compared with $49.0 billion one year earlier, the parent of World Savings Banks said, noting that it overcame "stiff competition" from fixed-rate mortgage rates that were near historic lows all year.

Adjustable-rate mortgage represented 99% of the fourth quarter's originations, the Oakland, Calif.-based thrift said, and refinances accounted for 81%.

Golden West reportedly serviced nearly $4.2 billion in loan for others as of the end of the fourth quarter. The yield on its loan portfolio was reported at 6.05%.

Net income rose to $395.2 million in the fourth quarter, according to the announcement.

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