SEATTLE--(BUSINESS WIRE)--Oct. 8, 2003--In a move to further
reinforce its ranking as the nation's top multi-family lender,
Washington Mutual, Inc. (NYSE:WM) today announced it will open three
new Multi-Family Lending offices by the end of 2003 -- in Boston,
Miami and Washington, DC.
"We are excited to bring to the East Coast the same breadth of
products, speed, favorable pricing and friendly service that helped
firmly establish us as the top ranked multi-family lender on the West
Coast," said Al Brooks, executive vice president and division
executive of Washington Mutual's Multi-Family Lending.
"Having experienced local apartment experts enables us to rapidly
grow our business. As a result, we plan to hire loan consultants,
underwriters, appraisers and closers in each of our new markets," said
The new office openings are Washington Mutual's latest move to
boost its multi-family lending presence in the East. Last fall, the
bank opened a Multi-Family Lending office in New York City, which
generated $450 million in applications and more than $70 million in
closed loans during the first 120 days the office was opened. By the
end of second quarter 2003, the company closed over $300 million in
loans for properties in the New York/New Jersey area.
Additionally, Washington Mutual recently hired Jim Whitehouse as
senior vice president and Eastern region manager to oversee the bank's
multi-family lending activities in the East. Whitehouse joined
Washington Mutual from GreenPoint Mortgage where he was the Northeast
regional sales director in charge of the retail mortgage division.
The company currently has Multi-Family Lending offices in Los
Angeles, Orange County, San Diego, Sacramento, San Francisco, Oakland,
Portland, Seattle, Denver, Minneapolis, Chicago and New York.
About Washington Mutual
Washington Mutual is the leading multi-family lender in the
country(1) and ranks third in commercial mortgage lending(2).
Originating more than $4.4 billion in loans for some 4,100 properties
in 2002, the company ranks as the number one multi-family loan
originator in Seattle, Portland, Sacramento, Los Angeles, San
Francisco, Oakland, Orange County and San Diego. An approved Fannie
Mae and Freddie Mac lender, Washington Mutual Multi-Family Lending
offers a full array of products including construction, rehab, fixed-,
adjustable- and hybrid-rate financing, coupled with the ability to
execute portfolio or commercial mortgage backed securities (CMBS)
With a history dating back to 1889, Washington Mutual is a
retailer of financial services that provides a diversified line of
products and services to consumers and small businesses. At June 30,
2003, Washington Mutual and its subsidiaries had assets of $283.20
billion. Washington Mutual currently operates more than 2,650 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.
(1) 2001 HMDA ranking
(2) Source: National Mortgage News, Feb. 3, 2003, 3rd Qtr. 2002
CONTACT: Washington Mutual
Lotus Lou, 206-377-8178
SOURCE: Washington Mutual