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Washington Mutual closes record-breaking $5.8b in loans.

Bucking industry trend, Washington Mutual Inc. set record-breaking multi-family loan volumes in 2002, with $5.8 billion in portfolio acquisition and loan originations last year.

"While a favorable interest rate environment played a role in our remarkable performance last year, an expanded product menu, including hybrid and adjustable and fixed-rate financing options, as well as our ability to focus solely on multi-family properties enabled us to significantly increase our origination volume," said Al Brooks, executive vice president, and division executive for Washington Mutual's Multi-Family Lending division.

"In 2003, we'll further strengthen our position as the nation's number one multifamily lender by offering CMBS and expanding our Fannie Mae DUS and Freddie Mac Program Plus lending to give our customers the right product that fits their needs."

Washington Mutual embarked on a number of initiatives in 2002, including purchasing $802 million in multi-family loans from Bay View Bank, opening offices in the New York/New Jersey area last fall and closing three securitization deals with Fannie Mae and Freddie Mac. The company took top honors as Freddie Mac's number one Program Plus producer in 2002, securitizing two transactions totaling $1.86 billion.

It also hired Fannie Mae veteran Jerry Anderson as head of Agency Lending to expand and maintain relationships with Fannie Mae and Freddie Mac.

In the New York/New Jersey area, Washington Mutual originated 91 multi-family loans totaling more than $235.7 million last year. "We've successfully created a niche in the New York/New Jersey area by serving the small multi-family property owners that are currently underserved by making loans of less than $1 million, while also serving the needs of larger property owners and investors with loans of $10 million and more," said Brooks.

"By year-end, we expect to fund over $1 billion in new multi-family construction, rehab, and permanent financing loans in the New York/New Jersey area."
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Mar 26, 2003
Words:312
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