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WaMu Set To Pass $400B Mark.(Washington Mutual Inc.)(Brief Article)(Statistical Data Included)
On the heels of its deals to buy Bank United and PNC Mortgage, Washington Mutual announced the biggest servicing-related mortgage transaction ever last month.
Continuing its "buy and build" strategy of growth, Washington Mutual agreed to purchase Fleet Mortgage Group and its servicing rights on $136 billion of home loans for $660 million.
The acquisition of Fleet Mortgage makes WaMu the number one residential lender in the nation, and the number two servicer, according to figures compiled by this newspaper. Moreover, the top five servicers will now manage 34% of all residential mortgage loans, based on year-end numbers compiled by this newspaper's database.
And with the ink barely dry on the FMG deal, investment bankers and others are already talking about who might be next on WaMu's takeover list.
One source close to WaMu said the nation's largest thrift has already talked to Countrywide Home Loans, Calabasas, Calif.; and three New York-based institutions: Astoria Federal, Dime Bancorp and Greenpoint Financial.
Investment banking sources say Countrywide listened to WaMu's overtures but so far has resisted. "Countrywide's desire, if it sells, would be to a foreign bank," said one advisor.
Countrywide, Astoria, Dime and Greenpoint have a combined residential servicing base of $371 billion and market share of 7.26%. (About $284 billion of that amount belongs to Countrywide, based on year-end numbers.)
- Wamu Making a Splash on the East Coast.(Fleet Mortgage acquired by Washington...
- Magazine article from: American Banker Julavits, Robert June 6, 2001 700+ words
Employees at Fleet Mortgage barely had time to finish...marketing campaign, Wamu seems to be hanging...its bank branches, Wamu will purchase most of...Mr. Davis said. (Wamu has agreed to pay...market value" of Fleet Mortgage's equity, a spokesman...
- Wamu Gets Shakeout Shelter in Fleet Deal.(Washington Mutual Inc.,)(Fleet...
- Magazine article from: American Banker Julavits, Robert April 5, 2001 700+ words
Buying Fleet Mortgage Group will position...mortgage business, a top Wamu executive said. The...close until this year. Wamu also bought four California...Mutual will acquire Fleet Mortgage's correspondent and...originated by Fleet. Wamu will acquire much of...
- With fleet deal, WaMu is Top Servicer.(Fleet Mortgage Corp.)(Washington Mutual...
- Magazine article from: Mortgage Servicing News June 1, 2001 700+ words
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- WaMu #1 Servicer - By a Hair.(Washington Mutual Inc.)(Brief Article)
- Magazine article from: Mortgage Servicing News Muolo, Paul June 1, 2001 700+ words
...results. At March 31, WaMu had $455.92 billion...in servicing from Fleet Mortgage Group, Columbia...455.92 billion, WaMu would edge out perennial...share results exclude WaMu's purchase of Fleet Mortgage). Some industry...
- How Brand Ambition Cost Wamu a Big Correspondent.(Washington Mutual Inc.)
- Magazine article from: American Banker Bergquist, Erick December 12, 2002 700+ words
...loans and sold them to Wamu, which serviced them...arrangement was part of Wamu's purchase last year of most of the former Fleet Mortgage for about $600 million...Mr. Horne said. Wamu clearly saw value in Fleet Mortgage beyond the servicing...
- WaMu Buys Fleet in Biggest Servicing Deal.
- Magazine article from: National Mortgage News Muolo, Paul April 9, 2001 700+ words
...agreed to purchase Fleet Mortgage Group for $660 million...acquisition of FMG makes WaMu the number one residential...because it would allow WaMu to diversify its...heavy. As far as the Fleet Mortgage acquisition is concerned, WaMu will pay $660 million...
- WaMu up in correspondent.(Washington Mutual)
- Magazine article from: Origination News Muolo, Paul May 1, 2001 700+ words
...correspondent lenders. Thanks to WaMu's planned purchase of Fleet Mortgage Group - as well as its recent...correspondent lenders and PNC, fifth. WaMu, whose forte has been retail...12th. (See table.) But once WaMu incorporates PNC and FMG's...
- WAMU THE CONQUERER: Washington Mutual becomes the superhero of the thrift...
- Magazine article from: US Banker Fogarty, Mark July 1, 2001 700+ words
...largest savings institution. "WaMu's management has a history...including its recent purchase of Fleet Mortgage Corp. CEO Kerry Killinger...American Mortgage affiliate, WaMu soon could reach a target once...potential acquisitions, but says WaMu remains interested in new deals...
