DES MOINES, Iowa -- The loan-servicing portfolio of Norwest Mortgage Inc. has topped $50 billion, the company said.
In an announcement, Norwest said that only for the past five years has it retained servicing rights on the loans it originates, making its portfolio one of the youngest in the country.
At the end of 1989, Norwest's portfolio ranked 160th at about $818 million. Since then, it has more than doubled each year, reaching $455.7 billion at the end of 1993, the eight largest in the nation, the company said.
As of the quarter ended March 31,, the portfolio totaled $50.2 billion.
Mark Oman, president, said Norwest's servicing portfolio was "one of the most stable among our peers." He pointed to a low average note rate of 7.1% and "lower delinquencies had payoffs than our competitors."