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WaMu Completes $1.3B Homeside Lending Acquisition

SEATTLE-The purchase price includes $1.17 billion attributable to the acquired mortgage servicing rights, $900 million in other net assets and liabilities, including hedge assets, and $735 million of assumed debt.

By Gina Binole | Updated on October 01, 2002

SEATTLE-Washington Mutual Inc. says it has completed its $1.3-billion acquisition of the parent company of HomeSide Lending, Inc., the U.S. mortgage unit of the National Australia Bank Limited. The purchase gives WaMu 1.4 million new customer relationships nationwide related to HomeSide’s $131-billion mortgage servicing portfolio.

The purchase price includes $1.17 billion attributable to the acquired mortgage servicing rights, $900 million in other net assets and liabilities, including hedge assets, and $735 million of assumed debt. WaMu says it expects to sell most of the servicing rights acquired in the transaction, while maintaining core customer relationships with borrowers.

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