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
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
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
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||Angela M. Clegg, 206/461-6390 or 800/228-9268