How Much of an 'Asset' is Servicing? A Few Mortgage Giants Tell Us

(Dollars in Millions)

Company Asset Value of Serv. Residential Serv. Value

Name Rights at 12/31/05 Servicing Portfolio in basis pts.

Countrywide $12,610 $1,111,090 113 bps

Wells Fargo $12,511 $1,016,000 123 bps

Washington Mutual $8,041 $818,369 98 bps

Notes: Servicing portfolios, for the most part, include subservicing contracts. The three firms listed here typically rank first, second, and third, respectively, in servicing. Not all publicly traded firms make it easy to discern the value of their servicing rights.

Source: MSN/Quarterly Data Report. Questions? Email: Paul.MuoloSourceMedia.com.

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