Home mortgage lenders: greater San Fernando Valley-based, ranked by dollar amount of mortgage lending in 2003.EXECUTIVE SUMMARY RECORD low interest rates continued to fuel the mortgage lending business in 2003 and drove substantial increases in the loan transactions at all lenders. Along with behemoths Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans Inc. and Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , which both loaned in excess of $400 billion in 2003, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank were also big home mortgage lending players in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . However, those companies were unable to provide a breakout of their Valley business and, as a result, could not be included in the Business Journal's listing. WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Mortgage Corp., which holds third place in the Business Journal's list this year, specializes in a category of lending the company calls alternate alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. a, mortgage loans to those who don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. meet the traditional requirements for prime loans. These are borrowers who may have high debt to income ratios or are unable to substantiate To establish the existence or truth of a particular fact through the use of competent evidence; to verify. For example, an Eyewitness might be called by a party to a lawsuit to substantiate that party's testimony. their income, but generally have good credit history, versus subprime borrowers with problematic credit histories. Metrocities Mortgage LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the No. 4 lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. on the Business Journal's list, has seen dramatic growth and is among the largest private mortgage lenders in the area. Rounding out the top five is Ryland The name Ryland can refer to several things:
Unlike most of the other companies on the list, Ryland Mortgage's $2.3 billion in 2003 lending derives primarily from home purchase mortgages, a service the company offers along with its homes. As in 2002 when mortgage rates began to drop, refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. loans contributed largely to the growth of most mortgage lenders last year. THE PACESETTER COUNTRYWIDE HOME LOANS INC. HOME mortgage giant Countrywide Home Loans Inc. saw its loan volume increase by more than 72 percent in 2003, to a whopping $434.9 billion in home mortgage lending. The Calabasas-based company's lending activity recorded here does not include another division, Full Spectrum Lending, which specializes in subprime loans Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. because that division's headquarters are in Pasadena Pasadena (păs'ədē`nə). 1 City (1990 pop. 131,591), Los Angeles co., S Calif., at the base of the San Gabriel Mts.; inc. 1866. . Even without the subprime lending  This article or section may deal primarily with the U.S. and may not present a worldwide view. activity, Countrywide garnered
the No. 1 position on the Business Journal's list.
(The Business Journal considered Countrywide's national lending activity for its ranking in the list because the company is headquartered here, Likewise, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. Mutual's national activity was considered because it has a regional headquarters in Chatsworth Chatsworth, estate, Derbyshire, central England, near Chesterfield. It is the seat of the dukes of Devonshire. Begun in 1552, the present Classical-style Chatsworth House was rebuilt in 1686. .) As was the case with most mortgage lenders in 2003, the large majority of Countrywide's funding was done in refinance loans. And although refinance volume slipped in the fourth quarter of 2003, Countrywide CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Angelo Angelo externally austere but inwardly violent. [Br. Lit.: Measure for Measure] See : Hypocrisy Angelo asked by Isabella to cancel her brother’s death sentence, Angelo agrees if she will yield herself to him. [Br. Mozilo noted in the company's financial report for the quarter that "a 33 percent year-over-year increase in purchase volume helped to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the decline in refinance
volume.
"In addition, demand for less interest-rate sensitive products continued to be robust with fourth quarter year-over-year production volume increasing 145 percent for adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , 54 percent for home equity loans, and 109 percent for subprime fundings," Mozilo said in the report. In addition to refinance and purchase loans, Countrywide also provides home equity loans through its Countrywide Home Loans division. The company also provides complimentary services including title, escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. and appraisal through LandSafe Inc.
HOME MORTGAGE LENDERS
Rank Company Total Loans
* name * 2003
* address * 2002
(in billions)
1 Countrywide Home Loans Inc. $434.80
4500 Park Granada $251.90
Calabasas 91302
2 Washington Mutual (1) 432.3
9200 Oakdale Ave. 1st floor 309.4
Chatsworth 91311
3 WMC Mortgage Corp. 8.2
6320 Canoga Ave. 4.2
Woodland Hills 91367
4 Metrocities Mortgage LLC 4.5
15301 Ventura Blvd. Suite D300 3.0
Sherman Oaks 91403
5 Ryland Mortgage Co. 2.3
6300 Canoga Ave. 14th floor 1.9
Woodland Hills 91367
6 United Pacific Mortgage 1.7
18425 Burbank Blvd. Suite 622 1.1
Tarzana 91356
7 HMS Capital Inc. 1.7
5000 N. Parkway Calabasas Suite 300 1.2
Calabasas 91302
8 Ownit Mortgage Solutions 1.0
21800 Oxnard St. Suite 240 0.6
Woodland Hills 91367
9 First Security Lending 0.4
2210 W. Olive Ave. 0.3
Burbank 91506
10 Pacific Financial 0.14
24007 Ventura Blvd. Suite 120 0.1
Calabasas 91302
11 Premier America Credit Union 0.12
19867 Prairie St. 0.2
Chatsworth 91311
12 Western Pacific Mortgage Corp.. 0.10
21300 Victory Blvd. #265 0.05
Woodland Hills 91367
13 Telesis Community Credit Union 0.04
9301 Winnetka Ave. NA
Chatsworth 91311
14 Matadors Community Credit Union 0.022
9401 Reseda Blvd. 0.02
Northridge 91324 0.021
15 Fiscal Credit Union 0.02
310 E. Colorado St.
Glendale 91205
Rank Purchase/Refinance Assets Profile
* 2003 * 2003 * year founded
* 2002 * 2002 * offices
(in billions) (in billions) * employees
(total/valley)
1 129.8/305.1 97.9 1969
86.4/165.5 58 500/NA
NA/NA
2 167.0/277.7 275.2 1889
110.3/188.8 268.2 2,869/NA
62,497/NA
3 3.9/4.3 1.4 1955
2.3/1.9 0.74 3/1
1003/858
4 2.1/2.5 0.3 1989
1.6/1.5 46/9
600/NA
5 NA/NA 0.73 1978
NA/NA 0.87 24/1
338/38
6 .6/1.1 0.1 1990
.4/.7 0.1 8/1
241/125
7 na/1.7 WND 1992
na/1.2 WND 1/1
120/NA
8 .8/.2 0.20 1989
.3/.2 0.08 9/1
175/NA
9 .1/.3 NA 1997
.06/.2 NA 3/2
75/73
10 .05/.09 0.0006 1994
.05/.06 0.0005 WND
40/NA
11 .008/.08 0.8 1957
.01/.2 0.8 9/3
187/167
12 .04/.06 0.1 1993
.02/.03 0.03 1/1
32/32
13 .007/.03 0.3 1966
NA/NA NA 8/8
150/150
14 na/.02 0.1 1963
1/1
na/.02 0.1 35/35
.001/.022 0.1 1935
15 .001/.020 0.1 3/2
53/53
Rank Services Top Local Executive
* name
* title
* phone
1 mortgage banking, loan production David Sambol
and servicing prime loans president, ceo
800-796-8448
2 home loans, commercial real estate Marcia Lansdon
and specialty lending, consumer and senior vp
commercial banking 818-775-7781
3 WMC is a wholesale lender specializ- Daniel W. Porter
ing in nonprime loan products to chairman, ceo
mortgage brokers, bankers 818-592-2502
4 national direct lender with mortgage Paul Wylie
banker and broker capabilities ceo
818-981-0606
5 loan origination, title, escrow and Daniel G. Schreiner
insurance brokerage services president
818-251-4100
6 mortgage banking and brokerage Randy Levine
ceo
818-343-3599
7 residential refinances Mark Theis
president
818-222-6075
8 mortgage banking, conduit/mortgage William D. Dallas
products,wholesale funding, master chairman, ceo
servicing. 818-595-0200
9 residential purchase, refinance, Justin Aldi
commercial ceo
818-841-2995
10 mortgage lending Dave Elder
business development
manager
818-591-2580
11 commercial property loans, con- John Merlo
sumer loans/credit cards, full range ceo
of deposit/checking products 818-772-4001
12 loans, insurance taxes and escrow Ryan Addis
(residential and commercial) coo
818-887-1100
13 deposit accounts, consumer loans, Luisa Avila
real estate loans, small business vp operations
loans 818-885-1226
14 checking, savings, IRAs, car loans, Dale Verderano
home equity loans, internet banking president/ceo
and bill pay, certificates 818-993-6328
home equity lines of credits and Michael Gomez
15 loans, mortgage loans, auto and ceo
other loans, personal banking 818-553-8270
na--not applicable
NA--Not Available
WND--Would Not Disclose
(1) Washington Mutual reported company-wide figures, but the company
was included in the listing because it operates regional headquarters
in the local area.
While every effort is made to ensure the accuracy and thoroughness of
the list, omissions and typographical errors sometimes occur. Please
send corrections or additions on chamber letterhead to the Editor, San
Fernando Valley Business Journal, 21600 Oxnard St., Suite 250, Woodland
Hills 91367.
[c] 2004 San Fernando Valley Business Journal. This list may not be
reprinted in whole or in part without prior written permission of the
editor. Reprints are available from Reprint Management Services, (800)
494-9051, ext. 157.
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