AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Big Firms See Little Growth-Except WaMu.(Brief Article)
The nation's top residential servicers experienced anemic growth in the fourth quarter with one notable exception - Washington Mutual of Seattle.
According to exclusive survey data compiled by Mortgage Servicing News, WaMu increased its housing receivables by 166% for the quarter ended Dec. 31.
WaMu's growth excludes its recent purchase of Dime Bancorp, New York, (the sale didn't officially close until early January) and its pending purchase of HomeSide Lending, Jacksonville, Fla.
Of course, it's no secret why WaMu managed such a healthy gain while most other top 10 servicers posted slow or negative growth. Even though WaMu hadn't closed on either Dime or HomeSide by Dec. 31, it had already swallowed several other sizeable servicing firms during the past 12 months including PNC Mortgage, Vernon Hills, Ill., Fleet Mortgage, Columbia, S.C., and Bank United, Houston.
The increase of 166% to $496.7 billion reflects WaMu receivables at Dec. 31, compared to the same period at year- end 2000.
After WaMu, the top five servicers at Dec. 31 include Wells Fargo Home, Des Moines ($487.8 billion/up 8%); Chase Manhattan Mortgage, Edison, N.J. ($429.8 billion/up 19%); Countrywide Home Loans, Calabasas, Calif. ($336.6 billion/up ...
- 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
...Share Washington Mutual $311,932 5.98 % Fleet Mortgage $143,992 2.76 % WaMu/Fleet: $455,924 8.74 % Wells Fargo Home...subservicing contracts. WaMu's purchase of Fleet Mortgage did not close in the first quarter. Source...
- WaMu Set To Pass $400B Mark.(Washington Mutual Inc.)(Brief Article)(Statistical...
- Magazine article from: Mortgage Servicing News Muolo, Paul May 1, 2001 700+ words
...million. The acquisition of Fleet Mortgage makes WaMu the number one residential...heavy. As far as the Fleet Mortgage acquisition is concerned, WaMu will pay $660 million in cash, or 1.1 times Fleet Mortgage's book value. The sale...
- 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...
