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Banking industry

Washington Mutual Selects ACS for Loan Servicing Outsourcing

Strategic Insights

— 1 min read

Washington Mutual, a financial services company with a history dating back to 1889, has selected Affiliated Computer Services (ACS) for a three-year outsourcing contract for its Loan Servicing Division. Under the contract, ACS will digitize Washington Mutual's loan documents, providing immediate access to the information at three division locations. This move aligns with Washington Mutual's corporate objectives, allowing the company to focus on its core business while utilizing ACS's expertise in technology outsourcing.

Key Takeaways:

  • The contract is a three-year agreement between Washington Mutual and ACS for the outsourcing of Washington Mutual's Loan Servicing Division.
  • ACS will digitize Washington Mutual's loan documents, providing immediate access to the information at three division locations.
  • This outsourcing arrangement is in line with Washington Mutual's corporate objectives, enabling the company to optimize its resources and focus on its core business.
  • Washington Mutual has a long history, dating back to 1889, and has undergone significant transformations through acquisitions, including those of American Savings Bank, Great Western Bank, and Home Savings.
  • The company operates approximately 2,000 offices throughout the nation, with subsidiaries providing a diverse range of financial services to consumers and small- to mid-sized businesses.
  • Washington Mutual now holds the top position in California's single-family residential mortgage lending market and is the leading lender in the states of Washington, Oregon, and Utah.

Statistics:

  • Washington Mutual's consolidated assets as of June 30, 1998, were $103.4 billion.
  • The company operates approximately 2,000 offices across the nation.
  • Washington Mutual is the leading lender in the states of Washington, Oregon, and Utah.
  • The outsourcing contract with ACS is a three-year agreement.

Sources:

  • Affiliated Computer Services, Inc. (NYSE: AFA) press release dated October 20 (no year specified)[1]
  • Washington Mutual (Nasdaq: WAMU)
  • ACS is based in Dallas, Texas, and has operations in North America, Central America, South America, Europe, and the Middle East.

[1] Note: The year is not specified in the original text, and I have not added one to maintain accuracy.

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