Washington Mutual Inc., Seattle, has reported earnings of $2.88 billion ($3.26 per share) for 2004, down from $3.88 billion ($4.21 per share) in 2003.WaMu cited lower mortgage origination volume and a one-time reverse of loan loss reserves in 2003 as factors behind the decline in earnings. Home loan origination volume totaled $41.59 billion, down from $51.50 billion in the fourth quarter of last year. But WaMu chairman and chief executive Kerry Killinger said the mortgage unit exceeded his expectations. Earlier this year, he had warned that the mortgage unit's earnings might be "negative or slightly positive" for 2004 as the company struggled to overhaul its expense structure and deal with lower volume. But in a conference call with analysts, he said operational improvements and other factors resulted in higher-than-expected mortgage earnings. WaMu's mortgage banking segment earned $570 million for 2004, down from $1.30 billion in 2003. Mortgage servicing rights, including amortization and the effect of hedges, contributed a net cost of $277 million in the fourth quarter. WaMu can be found online at http://www.wamu.com.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
10h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
10h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
10h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
11h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25