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Washington mutual loan servicingWashington Mutual Services are the leading provider of financial retail services. The main clientele bases are consumers and small businesses. The company possesses huge assets of $319 billion in the year 2007. The company has a long history since 1889. There are about 2700 consumer and small business banking stores spread across the nation. The franchise network the company has built for last 10years is massive to provide solid foundation to the company to deliver growth in future. The network of individual distribution points that includes retail banking stores, home loan stores and multi-family lending enables Washington Mutual to interact with confidence and transparency...
Washington Mutual through its CAN programs provides assistance to communities and enables them to live better. The voluntary service that started in the initial days of the company with the help of volunteers grew into Committed Active Neighbors Program( CAN) with dedicated employees to volunteer services to deliver financial education to kids and adults, to help locals in fund raising, to collect supplies for children, to raise funds internally. They also assist in crisis and disasters. CAN is committed to providing service with money and people to work for improving schools and bettering the communities.
The operating system of the company is based on four divisions that deal: retail Banking, the Card Services, the commercial group and the Home Loan group. There is another category of corporate support and treasury including community lending and investment operations. The corporate support function offers variety of services such as legal, accounting, finance, human resources and technological services.
The principle services of Retail banking include offering deposit and other retail banking products and services to consumers and small business.
Washington Mutual supports a variety of programs that benefit schools to build new houses, renovate old houses, and revitalize the neighborhood. The company supports program that create opportunities to own houses by many families who otherwise would not have been eligible for such opportunities. Washington Mutual employees volunteer sizeable time and millions of dollars as donation to help the communities. It believes in quality education as main factor the success of business enterprises and thus supports to promote schools and financial literacy. Cash grants in millions of dollars are provided to support K-12 education and financial education
Schools Saving Program sponsored by the Washington Mutual enables students to handle money responsibly using their own Washington Mutual saving account.
There are programs for adults also to provide lessons through workshops to teach them terminologies on financial topics run by Washington Mutual Financial Centers. WM card services offer finical tools and education.
Workshops for first timers in home buying are organized to educate them on topics that include choosing a loan, working with brokers and lenders, home maintenance and mortgage payments, hiring a contractor, the process of home improvement.Originating home equity loans and lines of credit, providing investment advisory services and brokerage and other financial services are a few other additional services offered by the Company. In the card Services the activities include issuing credit cards, Servicing credit card accounts, holding outstanding balances on credit cards in portfolio or securitizing and selling them, and other cardholder services.
There are various subsidiaries of Washington Mutual Inc operating from nationwide network. They operate through financial centers, home loan centers, and other lending offices. The consumer bank division of the company operates in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Nevada, New Jersey, New York, Oregon, Texas, Utah, and Washington.
Fargo & Company, a giant organization in this segment of loan servicing entered into agreement to sell the entire portfolio of government mortgagee services and fixed rate servicing portfolio worth $ 140 billion among 1.3 million servicing customers. The two companies also agreed to transfer the majority of WM ?s loan servicing and support staff at the :City MilwaukeeCity> operations with the transfer of servicing to Wells Fargo.
The basic strategy behind this transfer is the maximum return from capital and to focus the home loans business on higher margin products with improving operating efficiency and reducing Mortgaging Servicing Rights as a percentage of capital. This service transfer would accelerate sales with projection of increasing servicing portfolio faster to include about 4 million customers with outstanding principle balance of $692 billion when the sale completes.
The operating scale of the servicing business would be further leveraged and customer ?s financial needs would be met. Public relationship with the client base would go up to augment the serving portfolio to approximately 7.5 million customers with projected principal balance of $ 1.25 trillion.
All the programs conducted by Washington Mutual are based on partnership with the other parts. WaMu & Education program that support programs on education function with active partnership with schools and students. Similarly all home buyers or the existing house owners are trained in all aspects of home loans before providing loans.
The modes operandi of a typical support service to schools is as follows:
Customers who would support a school are enrolled. When they use their Washington Mutual Debit Card for everyday purchase of their common items they earn a point for that designated school. The company would convert the points into donation for that school which can be spent by that school to buy its needs.
Washington Mutual Funds also invests in programs to help prospective buyers to buy new houses and renovate old ones. The company lends millions of dollars every year to such moderate ?income buyers on long ?term and affordable cost that are safer and accessible.
With partnership with agencies that provide financial assistance though programs, the Washington Mutual provides Community Lending to support the communities. This program is aimed at lending the community members that includes down payment and Mortgage services
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