| Gold Rush at Golden West
$12.4 billion 2nd quarter production July 20, 2004 By MortgageDaily.com staff |
| The parent company of World Savings reported an all-time record in quarterly mortgage originations. The strong activity is the result of originators flocking to the company’s adjustable rate programs.
In its second quarter earnings announcement, Golden West Financial Corp. said second quarter mortgage production was $12.4 billion, up 32% from the prior quarter and the highest its ever been. During the same period in 2003, the thrift reported production of $8.0 billion. “The dramatic increase in Golden West’s loan originations is noteworthy because it is in stark contrast to the rest of the U.S. mortgage market,” chairman and CEO Marion Sandler said in the announcement. Noting the concurrent rise in fixed rates and stabilization of adjustable rates she added, “Our lending team took advantage of this favorable environment and produced record new volume. “It is important to note that during the second quarter 99% of Golden West’s new originations consisted of monthly adjustable rate loans, up from 91% a year ago,” Sandler added. Loans receivable and mortgage-backed securities totaled $89.1 billion at the end of the quarter, the Oakland-based company reported, of which $85.7 billion were adjustable rate. |
