With $20 billion of assets, Washington Mutual Inc. is the nation's fifth-largest thrift company. But unlike most large thrifts, the Seattle- based institution holds both adjustable- and fixed-rate loans. Half of its new applications these days are for fixed-rate loans; about 20% of the total are for refinancings. Jack A. Cornick, a senior vice president at Washington Mutual, spoke with American Banker this week about the market.

Q.: Have you always had a pretty aggressive fixed-rate operation?

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