U.S. Bank Becomes $100 Billion Servicer
U.S. Bank Home Mortgage, the mortgage affiliate of U.S. Bancorp here, has surpassed $100 billion in home loan servicing receivables. U.S. Bank is the nation's 16th largest mortgage servicer, according to statistics compiled by the database group of Mortgage Servicing News. The company is also a top 20 mortgage originator.
U.S. Bancorp has nearly doubled its portfolio in the last five years, posting $52 billion in mortgage receivables in 2002. The company's servicing portfolio totaled just $17 billion in 1999. "Our portfolio growth was accelerated over the past several years primarily from the expansion of our mortgage production channels," said Bob Smiley, executive vice president of servicing for U.S. Bank Home Mortgage, in a news release. "We have had minimal operational disruption due to a relatively small number of purchases and acquisitions."
U.S. Bank Home Mortgage employs 675 workers. The servicing group is based in Owensboro, Ky., with additional centers in Cleveland and Bowling Green, Ky., and satellite centers in Little Rock, Ark., Milwaukee and Minneapolis.
Parent company U.S. Bancorp has assets of $217 billion, making it the sixth largest financial holding company in the U.S. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com