| $5.8 Billion 2002 Multifamily Production at WaMu
Record activity helped by Bay View purchase March 19, 2003 By MortgageDaily.com staff |
| Washington Mutual announced that apartment loan production reached an all-tiime high last year.
The Seattle-based company reported $5.8 billion in multifamily portfolio acquisition and loan originations during 2002, breaking prior records. $802 million was purchased from Bay View Bank, the announcement said. The record breaking activity was attributed to favorable interest rates, an expanded product menu, and a focus on multifamily properties. Washington Mutual says it took top honors as Freddie Mac’s number one Program Plus producer in 2002, securitizing two transactions totaling $1.86 billion. The financial services company claims to be the leading multifamily lender in the country, ranking third in commercial mortgage lending. The banking behemoth placed ninth in the Mortgage Bankers Association of America’s ranking of multifamily and commercial loan servicers for 2002. In 2003, the company says it expects to strengthen its multifamily position by offering commercial mortgage backed securities and expanding its Fannie Mae DUS and Freddie Mac Program Plus lending. |
