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WaMu Will Break $500B Mark Soon.(Washington Mutual Inc. will exceed $500 billion in housing receivables in 2001)(Brief Article)(Statistical Data Included)
Washington Mutual here is likely to break the $500 billion mark in housing receivables by year-end, maybe even by early December.
According to figures compiled by Mortgage Servicing News, the giant West Coast thrift, for the second quarter in a row, was the number one servicer in the nation. (See table.)
At Sept. 30, WaMu had $483 billion in residential servicing rights on its books, a handsome 168% gain from the same quarter a year ago.
From second quarter to third quarter, WaMu's servicing portfolio grew by about 3%.
If the 3% growth rate is applied to WaMu's servicing base at Sept. 30, it would just about break the $500 billion mark by Dec. 31. However, WaMu, like most lenders, is on a production tear, thanks to declining interest rates.
WaMu also has been the industry's most active buyer of other mortgage franchises the past two years.
How much lower rates will fall is open to question, but all lenders are on track to produce a record $1.7 trillion in loans this year.
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Source: HighBeam Research, WaMu Will Break $500B Mark Soon.(Washington Mutual Inc. will exceed...