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WaMu Pursues $1 Trillion.(Washington Mutual Bank)
Washington Mutual here has always been an ambitious company, but now the company is preparing to cross a threshold that was unimaginable just a few years ago.
Within three years, WaMu hopes to service $1 trillion in mortgage loans, the president of WaMu's home loans and insurance group told investors recently. That would mean WaMu would manage mortgage loans for seven million customers - prime candidates for cross-sales of additonal products.
Today, WaMu services about $700 billion in home loans, by far the nation's largest servicing portfolio. It accounts for about 11% of the market.
But while WaMu was once an aggressive buyer of other banks and mortgage companies, the company's leaders say they plan to focus on "organic" growth rather than acquisitions to reach the $1 trillion level.
"The primary driver of this is going to be strong production from all of our channels," Mr. Davis said. He added that WaMu is striving to increase customer retention as well.
WaMu estimates that it currently accounts for just over 12% of home loan originations, and Mr. Davis said the company is shooting for a market share of 20% within five years. WaMu executives say that the company's growing share of the loan originations ...
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Source: HighBeam Research, WaMu Pursues $1 Trillion.(Washington Mutual Bank)