| $105.7 Billion 1st Quarter Volume at Washington Mutual
Real estate loans outstanding at $143.0 billion April 16, 2003 By MortgageDaily.com staff |
| Washington Mutual reported that real estate-secured loan volume edged down slightly during the first quarter.
According to an earnings announcement yesterday from Washington Mutual, Inc., total production of loans secured by real estate was $105.7 billion, less than one percent below the level in the fourth quarter. AÂ year ago, loan volume was $64.4 billion. The Northwest banking behemoth said that 57% of its loans were self-originated while 43% were originated through the purchases/correspondent channel. About one-fourth of its conforming residential business was adjustable rate and three-fourths was fixed. Real estate secured loans outstanding at the end of the quarter were $143.0 billion. Residential mortgage banking income was reported at $723 million. Washington Mutual said the gain from mortgage loans was $587 million, an increase of $195 million over the fourth quarter of 2002. Total earnings for the Seattle-based company was $1 billion for the quarter. |
