Washington Mutual has four primary business lines: Retail Banking & Financial Services, Home Loans, Commercial Banking, and Card Services.
Checking accounts, online banking and personal loans are some of the services offered by Washington Mutual’s Retail Banking and Financial Services segment. They also offer deposit and other retail banking products and services to consumers. The Retail Banking and Financial Services segment also provides payroll, cash management, and retirement planning to small businesses.
WM Financial Services is a brokerage firm and offers investment products, such as individual retirement accounts (IRAs), fixed annuities, life insurance, stocks and bonds as well as retirement, estate planning and mutual funds.
Washington Mutual’s has a Home Loans segment which offers a home lending products through its retail, wholesale, correspondent and sales channels. Washington Mutual operates as both a mortgage bank and a portfolio lender. Through its multiple lending channels, the segment offers a diverse set of home loan products including fixed-rate home loans, adjustable-rate home loans (ARMs), hybrid home loans, government insured or guaranteed home loans. The Mortgage Banking segment also makes insurance products available to its customers that complement the mortgage lending process including private mortgage insurance, mortgage life insurance, flood, homeowners’, earthquake and other property and casualty insurance.
Higher-risk borrowers are offered services through Long Beach Mortgage, a wholly-owned subsidiary. Those loans are sold to secondary market participants.
For refinancing or purchase of existing multi-family properties with five or more units, Washington Mutual’s Multi-Family Lending (MFL) division offers adjustable and fixed financing products. This division operates in 15 major U.S. markets and is a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae’s complete line of multifamily financial products.
Washington Mutual’s Commercial Real Estate (CRE) division provides construction, acquisition, rehab and term financing for office, retail and industrial properties, and new multi-family construction.
Under the Community Reinvestment Act, emphasis is placed on profitable and competitive affordable lending and investment programs that contribute to the enhancement of community and economic development. Washington Mutual’s Community Lending and Investment division is responsible for providing programs for multi-family community lending and investments.
Washington Mutual’s Mortgage Banker Finance (MBF) division provides lines of credit (“warehouse lines”) to originate residential mortgage loans, Early Purchase Facilities, and deposit and treasury management products and services to mortgage bankers throughout the United States.
The Banker, one of the world’s leading financial journals, ranked Washington Mutual as the number 8 bank among US banks in 2005, up from 10 in 2004. The ranking was based on pre-tax profit figures for common stock, non-cumulative preference stock, share premium reserve, disclosed reserves including retaining earnings, minority interests and funds for general banking risk.
With $ 307, 918 million in assets Washington Mutual was ranked 8 in asset size. For Soundness (capital/asset ratio) Washington Mutual ranked 194 in 2005 and 193 in 2004. Washington Mutual pre-tax profits were reported as $4,628 million. It ranked 125 for performance based on return on assets.
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