OWENSBORO, Ky.--(BUSINESS WIRE)--Jan. 9, 2007--U.S. Bank Home
Mortgage reached a milestone in mortgage servicing when it crossed
$100 billion in volume on Thursday, Jan. 4. The company will celebrate
with employees at its servicing centers on Wednesday, Jan. 10.
U.S. Bank is sixteenth among mortgage companies in the United
States in terms of its servicing portfolio, and in the top 20 in
mortgage originations. The $100 billion milestone compares to $52
billion just five years ago in 2002, and approximately $17 billion
serviced 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. "We have had minimal operational disruption due to a
relatively small number of purchases and acquisitions. This milestone
is a testament to our employees who have all worked extremely hard to
greatly increase our efficiency."
There are 675 employees who work in the servicing division of U.S.
Bank Home Mortgage. The servicing group is based in Owensboro, Ky.,
with centers in Cleveland and Bowling Green, Ky., and satellite
centers in Little Rock, Ark., Milwaukee and Minneapolis.
"U.S. Bank Home Mortgage has a great reputation, especially for
the work Bob's group has done in servicing," said Dan Arrigoni,
president of U.S. Bank Home Mortgage. "We are recognized by
organizations such as Freddie Mac that has consistently rated us a
Tier 1 servicer for our work in loss mitigation, keeping people in
homes and minimizing costs associated with foreclosure. We are proud
of our work in this area and credit the servicing employees for their
hard work and dedication to their customers."
U.S. Bank Home Mortgage is part of U.S. Bancorp (NYSE:USB). With
assets of $217 billion, U.S. Bancorp is the 6th largest financial
holding company in the United States. The company operates 2,467
banking offices and 4,943 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732,
SOURCE: U.S. Bank