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Nation's Largest Thrift, Washington Mutual, Selected by Fannie Mae as Delegated Underwriting and Servicing -- DUS -- Lender

SEATTLE--(BUSINESS WIRE)--Jan. 18, 2001--Washington Mutual's (NYSE:WM) Commercial Real Estate department announced today that it has been approved and now offers Fannie Mae's (NYSE:FNM) complete line of Delegated Underwriting and Servicing (DUS) products.

As a DUS lender, Washington Mutual has the origination, underwriting and closing responsibilities enabling it to more quickly arrange financing for borrowers. Washington Mutual offers borrowers excellent terms and competitive tiered pricing for the acquisition or refinance of existing multifamily rental housing.

"We are committed to providing our customers with a diverse line of lending products to meet their needs. Now it will be even simpler and faster for borrowers to secure competitively priced multifamily loans through Washington Mutual," said Al Brooks, division executive and senior vice president of the company's Commercial Real Estate division.

Fannie Mae, the nation's largest source of financing for home mortgages and the largest investor in multifamily mortgages, selects DUS partners based on a lender's credit quality, underwriting standards and expertise in multifamily lending.

"Fannie Mae is pleased to have designated Washington Mutual as a DUS lender," said Heidi McKibben, vice president of Multifamily for Fannie Mae's Western Region. "DUS places greater power to underwrite in Washington Mutual's hands helping to increase available and affordable rental housing in communities across the nation."

The DUS designation strengthens Washington Mutual's position as the West Coast's leading multifamily lender. The Commercial Real Estate department originated more than $2 billion in loans in 2000. The partnership will further assist the company in meeting its objective to diversify its loan portfolio.

About Washington Mutual, Inc.

With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small and medium size businesses. At September 30, 2000, Washington Mutual and its subsidiaries had assets of $190.78 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 800/329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.

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CONTACT: Washington Mutual
Angela M. Clegg, 206/461-6390 or 800/228-9268
angela.clegg@wamu.net