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Firms Struggle for Growth.
The second quarter brought little relief to most of the nation's "mega" servicers as mortgage rates hit a five-decade low and firms struggled with impairment charges and the run-off of receivables.
But there are new signs that the impairment and run-off woes of the past two years could be coming to an end.
Rising mortgage rates are expected to slow prepayments, allowing the nation's servicers to catch their breath and actually grow their portfolios.
Moreover, according to exclusive survey data compiled by Mortgage Servicing News, two firms ranked among the top 10 experienced impressive servicing growth in the second quarter.
Countrywide Home Loans, Calabasas, Calif., saw its housing receivables increase by 49% in the second quarter (compared to the same quarter last year) and CitiMortgage, St. Louis, had a handsome 79% gain.
Countrywide managed to grow its housing receivables by ramping up production, while CitiMortgage did the same. But Citi's portfolio of servicing rights jumped dramatically because a year ago it hadn't yet closed on its purchase of First Nationwide Mortgage Corp., Frederick, Md., a $100 billion servicer owned by CalFed Inc.
At June 30, Countrywide serviced $592.1 billion in loans, ranking third behind Washington Mutual, Seattle ($726.9 billion), and Wells Fargo Home Mortgage, Des Moines ($592.6 billion).
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...best testament to WaMu's success in mingling...were in its system a year ago, Miller said, indicating...54 percent from a year ago. WaMu also has moved quickly...little more than a year ago. The only remaining...Leandro. Still, WaMu also opened six new...
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- Magazine article from: Mortgage Servicing News Muolo, Paul June 1, 2001 700+ words
...to 41.76% a year ago. By comparison...results exclude WaMu's purchase of...the same period a year ago. (Wells, like WaMu, has been an active...8 billion); WaMu ($311.9 billion...compared to the year ago quarter, with...
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...The novelty of Occasio as Wamu expands its footprint across...billion, more than doubled from a year ago. Retail operations helped drive...inexpensive branch design that allows Wamu to make use of existing retail...personnel low. (Case in point, Wamu will open nearly 70 branches...
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- News wire article from: Seattle Times (Seattle, WA) April 18, 2007 700+ words
...20 percent from a year ago as the nation's...remained in turmoil. WaMu reported a first...a share, in the year-ago period. But the...and card services. WaMu reported revenue...3.59 billion a year ago, and increased its...
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- News wire article from: Mortgage Line Cornwell, Ted January 7, 2005 700+ words
...environment, Mr. Chapman said WaMu likely won't join in the hiring frenzy. He said WaMu, which has reduced its...mortgage staff by 34% from a year ago to eliminate fixed costs...production that were made one year ago ended up being off the...loan production requires WaMu to be ...
- WaMu Pulls Plug on Subprime.
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...from the same period a year ago, according to figures...period is an estimate. WaMu stopped disclosing its wholesale subprime production a year ago. As part of measures to...the industry downturn, WaMu said it would not only...
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- News wire article from: Seattle Times (Seattle, WA) October 20, 2005 700+ words
...carry the risk on its books. WaMu makes money from selling the...quarter from 2.77 percent a year ago. "That's kind of expected...quarter but up 8 percent from a year ago. Retail banking continues to drive WaMu's earnings. The unit's...
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- Magazine article from: National Mortgage News Venetis, Kyriaki July 22, 2002 700+ words
...the same quarter a year ago, but also took a...for the quarter. WaMu, Seattle, reported...02 billion one year ago. Single-family...period last year. WaMu reported earnings...the same quarter a year ago. Earnings per share...
Source: HighBeam Research, Firms Struggle for Growth.