<PAGE> 1
EXHIBIT 12.1
HOMESIDE LENDING, INC.
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
The following table sets forth the ratio of earnings to fixed charges of
HomeSide Lending, Inc. for the three and six month periods ended March 31, 2000
and the three and six month periods ended March 31, 1999. The ratio of earnings
to fixed charges is computed by dividing net fixed charges (interest expense on
all debt plus the interest portion of rent expense) into earnings before income
taxes and fixed charges.
<TABLE>
<CAPTION>
FOR THE THREE FOR THE THREE FOR THE SIX FOR THE SIX
MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED
MARCH 31, 2000 MARCH 31, 1999 MARCH 31, 2000 MARCH 31, 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Earnings before income taxes $ 36,581 $ 33,575 $ 62,278 $ 64,516
-------- -------- -------- --------
Interest expense 40,593 32,779 73,744 62,694
Interest portion of rental expense 842 714 1,750 1,375
-------- -------- -------- --------
Fixed charges 41,435 33,493 75,494 64,069
-------- -------- -------- --------
Earnings before fixed charges 78,016 67,068 137,772 128,585
-------- -------- -------- --------
FIXED CHARGES:
Interest expense 40,593 32,779 73,744 62,694
Interest portion of rental expense 842 714 1,750 1,375
-------- -------- -------- --------
Fixed charge $ 41,435 $ 33,493 $ 75,494 $ 64,069
-------- -------- -------- --------
-------- -------- -------- --------
Ratio of earnings to fixed charges $ 1.88 $ 2.00 $ 1.82 $ 2.01
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The following table sets forth the ratio of earnings to fixed charges of
HomeSide Lending, Inc. for the three month periods ended December 31, 1999 and
1998. The ratio of earnings to fixed charges is computed by dividing net fixed
charges (interest expense on all debt plus the interest portion of rent expense)
into earnings before income taxes and fixed charges.
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
----------------- -----------------
Earnings before income taxes $26,030 $31,124
------- -------
Interest expense 32,955 29,915
Interest portion of rental expense 908 661
------- -------
Fixed charges 33,863 30,576
------- -------
Earnings before fixed charges 59,893 61,700
------- -------
FIXED CHARGES:
Interest expense 32,955 29,915
Interest portion of rental expense 908 661
------- -------
Fixed charges $33,863 $30,576
------- -------
------- -------
Ratio of earnings to fixed charges $ 1.77 $ 2.02
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The following table sets forth the ratio of earnings to fixed charges of
HomeSide Lending, Inc. for the fiscal year ended September 30, 1999, the period
from February 11, 1998 to September 30, 1998, and the period from March 1, 1997
to February 10, 1998. The ratio of earnings to fixed charges is computed by
dividing net fixed charges (interest expense on all debt plus the interest
portion of rent expense) into earnings before income taxes and fixed charges.
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
OCTOBER 1, 1998 TO FEBRUARY 11, 1998 TO MARCH 1, 1997 TO
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998 FEBRUARY 10, 1998
------------------ -------------------- -----------------
<S> <C> <C> <C>
Earnings before income taxes $132,341 $ 80,546 $136,870
-------- -------- --------
Interest expense 121,697 62,476 81,770
Interest portion of rental expense 2,955 1,320 1,387
-------- -------- --------
Fixed charges 124,652 63,796 83,157
-------- -------- --------
Earnings before fixed charges 256,993 144,342 220,027
-------- -------- --------
FIXED CHARGES:
Interest expense 121,697 62,476 81,770
Interest portion of rental expense 2,955 1,320 1,387
-------- -------- --------
Fixed charges $124,652 $ 63,796 $ 83,157
-------- -------- --------
-------- -------- --------
Ratio of earnings to fixed charges 2.06 2.26 2.65
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</TABLE>
