eTrade 2002 Annual Report Download - page 14
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Table of Contents
Index to Financial Statements
Purchase and Origination of Loans. The following table shows our loan purchases and originations during the periods indicated (in thousands):
Loan Purchases and Originations
Year Ended:
December 31, 2002 $ 15,243,492
December 31, 2001 $ 13,458,127
September 30, 2000 $ 2,658,940
September 30, 1999 $ 1,806,019
September 30, 1998 $ 518,000
Three Months Ended:
December 31, 2000 $ 1,080,290
The following table shows our loan purchase, sale and repayment activity during the periods indicated including loans acquired through
business combinations (in thousands):
Year Ended December 31, ThreeMonths Ended December
31, 2000 Year Ended September30,
2000
2002 2001
Loans receivable—net, at beginning of
period
$ 8,010,457 $ 5,039,602 $ 4,172,754 $ 2,154,509
Loan purchases and originations:
One- to four-family variable-rate 3,565,449 4,451,489 834,936 2,235,900
One- to four-family fixed-rate 8,921,213 6,988,688 161,681 423,027
Consumer and other loans 2,756,830 2,017,950 83,673 13
Total loan purchases and originations 15,243,492 13,458,127 1,080,290 2,658,940
Loans sold (12,011,864 ) (7,899,991 ) (5,062 ) (232,209 )
Loans repurchased — 1,189 — (417 )
Loans repaid (3,948,424 ) (2,653,385 ) (209,721 ) (424,283 )
Total loans sold, repurchased and repaid (15,960,288 ) (10,552,187 ) (214,783 ) (656,909 )
Net change in deferred discounts and loan
fees
105,715 74,010 2,982 20,252
Net transfers to real estate owned and
repossessed assets
(25,864 ) (1,786 ) (6 ) (269 )
Net change in allowance for loan losses (7,792 ) (7,309 ) (1,635 ) (3,769 )
Increase (decrease) in total loans
receivable
(644,737 ) 2,970,855 866,848 2,018,245
Loans receivable—net, at end of period $ 7,365,720 $ 8,010,457 $ 5,039,602 $ 4,172,754
Our primary method of purchasing loans is through the secondary market, utilizing our correspondent network. We purchase loans in pools
made up of multiple whole loans. In fiscal 2002, we purchased 4,448pools with 10,527loans. In fiscal 2001, we purchased 1,649 pools with
15,346 loans. In the three months ended December31, 2000, we purchased 231 pools with 3,063 loans. In fiscal 2000, we purchased 851pools
with 7,047loans.
In fiscal 2002, we originated $19.3 million in consumer auto loans. We did not originate any non-mortgage consumer loans during fiscal 2001,
the three months ended December 31, 2000 or fiscal 2000. To service our loan portfolio, we enter into loan servicing contracts with multiple
2003. EDGAR Online, Inc.