U.S. Bank Home Mortgage Reaches $100 Billion in Servicing

U.S. Bank Home Mortgage reached a milestone in mortgage servicing when it crossed $100 billion in volume on Thursday, Jan. 4. The company will celebrate with employees at its servicing centers on Wednesday, Jan. 10. U.S. Bank is sixteenth among mortgage companies in the United States in terms of its servicing portfolio, and in the top 20 in mortgage originations. The $100 billion milestone compares to $52 billion just five years ago in 2002, and approximately $17 billion serviced in 1999. "Our portfolio growth was accelerated over the past several years primarily from the expansion of our mortgage production channels,” said Bob Smiley, executive vice president of servicing for U.S. Bank Home Mortgage. "We have had minimal operational disruption due to a relatively small number of purchases and acquisitions. This milestone is a testament to our employees who have all worked extremely hard to greatly increase our efficiency.” There are 675 employees who work in the servicing division of U.S. Bank Home Mortgage. The servicing group is based in Owensboro, Ky., with centers in Cleveland and Bowling Green, Ky., and satellite centers in Little Rock, Ark., Milwaukee and Minneapolis. "U.S. Bank Home Mortgage has a great reputation, especially for the work Bob’s group has done in servicing,” said Dan Arrigoni, president of U.S. Bank Home Mortgage. "We are recognized by organizations such as Freddie Mac that has consistently rated us a Tier 1 servicer for our work in loss mitigation, keeping people in homes and minimizing costs associated with foreclosure. We are proud of our work in this area and credit the servicing employees for their hard work and dedication to their customers.” U.S. Bank Home Mortgage is part of U.S. Bancorp (NYSE:USB). With assets of $217 billion, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,467 banking offices and 4,943 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.