|Downey Savings Reports Record Residential Loan Originations
NEWPORT BEACH, Calif., June 5 /PRNewswire/ -- Downey Savings, the primary subsidiary of Downey Financial Corp. (NYSE: DSL news), announced today that it originated a record level of residential mortgage loans in the month of May 2001. Total originations were $825 million, of which approximately 57% were loans originated for sale in the secondary market.
"We are extremely pleased with the exceptional results shown by our Residential Lending division in May," said John Gatzke, Executive Vice President and Chief Lending Officer for Downey Savings. "Streamlining has increased capacity and efficiency in both our retail and wholesale lending operations, enabling us to attract and originate a high volume of loans." Gatzke continued, "We are able to accept and respond quickly to more loan requests due to our enhanced automated underwriting process and online application function. In addition, new application processes have assisted us in servicing a greater number of loan requests from our important broker network. With 10 loan processing centers servicing California and the nation, we anticipate that Downey Savings will continue to maintain a very competitive stance in the home lending market.
Downey Savings and Loan Association, F.A. is headquartered in Newport Beach and has helped California residents with their banking and borrowing needs since 1957. With assets over $11 billion, Downey Savings has over 125 locations and more than 400 ATMs throughout California and also offers Online Banking and home loans nationwide via the Internet. The Downey Savings corporate Web site address is downeysavings.com.
Certain statements in this release may constitute "forward looking statements" under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Downey's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Downey conducts its operations, fluctuations in interest rates, credit quality and government regulation.
SOURCE Downey Savings
Web Site: http://www.downeysavings.com