Mortgage Daily

Published On: January 29, 2003
World Savings Sees Record ARM Originations

Golden West 2002 production $26.7 billion

January 29, 2003

By MortgageDaily.com staff

Joining the companies that enjoyed 2002’s mortgage deluge, Golden West Financial Corporation reported record loan originations during the year and the fourth quarter.

The Oakland, Calif.-based lender produced an all-time high of $26.7 billion last year, up 29% from 2001.

Fourth quarter also saw an all-time high of new loans totaling $7.6 billion, up more than one-third from fourth quarter 2001.

“What was special was the make-up of these originations. The vast majority of the company’s new loans were in the form of adjustable rate mortgages, and virtually all had interest rates that change monthly,” CEO Marion O. Sandler said. “This is important, because these variable rate loans help limit the exposure of the company’s earnings to swings in interest rates.”

Adjustable rate mortgages comprised 92% of Golden West’s new lending in 2002, the report said.

The company’s loan balances grew by 17% in 2002, compared with a 5% increase in 2001. As of Dec. 31, its assets totaled $68 billion.

Golden West is the parent of World Savings Bank. Shares of Golden West were down $0.49 at $72.94 during midday trading, according to CBSMarketwatch.com.

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