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Washington Mutual Recruits Top Sales Manager for National Retail Lending Position; Lori Vella Joins the Company as Senior Vice President of National Retail Lending

SEATTLE--(BUSINESS WIRE)--Sept. 6, 2001--Washington Mutual Home Loans and Insurance Services Group announced that it has named Lori Vella senior vice president, National Retail Lending for the group.

She will be responsible for directing and managing the group's retail lending operations consisting of more than 1,500 loan consultants in more than 300 home loan centers across the nation.

Vella joins Washington Mutual with more than 15 years' experience in the mortgage business. Most recently she was vice president for the Western Region over Marketing, Sales and Production for Freddie Mac where she managed the credit, sales and customer service staff while exceeding their volume and profitability goals. Prior to Freddie Mac, Vella was vice president of sales for PNC Mortgage leading the southern California sales force. At Home Savings of America, Vella held a variety of positions during her nine-year tenure that culminated as senior vice president and sales director responsible for sales in four western states and a sales and support staff of 600 professionals.

"Washington Mutual has laid a strong foundation for our growth and Lori will play a pivotal role in maintaining, and building, our position as the nation's leading mortgage lender," said Eric Spence, executive vice president, Production for Washington Mutual Home Loans and Insurance Service Group.

With a history dating back to 1889, Washington Mutual (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At June 30, 2001, Washington Mutual and its subsidiaries had consolidated assets of $229.30 billion. Washington Mutual currently operates more than 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

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CONTACT: Washington Mutual
P. Kevin Horn, 206/377-3268