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Servicing Turnaround Helps WaMu Beat '04 Expectations.(Washington Mutual)
New York -- Washington Mutual exceeded expectations by turning a profit in its mortgage banking business during 2004, in no small part because its mortgage servicing operations performed better than expected.
But the company seems eager to lower expectations for the unit this year.
At a Smith Barney Citigroup investors conference here, WaMu chairman and CEO Kerry Killinger said he expects mortgage banking revenue to be flat in 2005 from last year's level.
Still, he told investors that the reorganization of WaMu's mortgage unit is on track to become "fully competitive" by the end of this year. Over the past 12 months, WaMu did not want to add a significant amount of mortgage servicing rights to its books, he said. But he also maintained that servicing is a core part of the company's business.
"We are transforming the mortgage business so it can produce substantially better returns with less variability over the course of the cycle."
In the meantime, WaMu will continue to place more emphasis on retail and wholesale lending than on the correspondent channel.
"Our market shares in each of those channels is roughly the same as a year ago," he said.
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