home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

IndyMac Continues Retail Expansion

Former Charter Funding employees hired, branches reopened

September , 2007


IndyMac Bank FSB has picked up several branches from the retail subsidiary of First Magnus Financial Corp. -- which collapsed last month. The move marks IndyMac's second recent foray into retail expansion.

At least five Charter Funding of Hawaii offices are reopening as IndyMac Bank branches as the Pasadena, Calif.-based lender strengthens its presence in Hawaii.

Charter Funding was one of the retail subsidiaries of Tucson-based First Magnus, which stopped lending and began shutting down its offices on Aug. 16 and filed for protection under Chapter 11 of the U.S. Bankruptcy Code five days later.

IndyMac announced that it was reopening more than 90 former branches of bankrupt American Home Mortgage in 20 states, including Hawaii. IndyMac now will have offices in Honolulu that had been branches of both Charter Funding and American Home Mortgage.

"We were Charter Funding but now we're IndyMac," an employee in the Honolulu office told MortgageDaily.com.

Phones at two other Charter Funding offices were being answered as "Platinum Mortgage," but further details were not available. Those two are offices in Kahului, with a staff of seven, including six loan officers, according to the manager, and in Lahaina, which, an employee said, had been Charter Funding's largest office.

Charter Funding had other offices in Aiea, Kihei, Lihue and Maui.

"We've been able to keep all our Charter Funding offices open," Charter Funding's former vice president and regional manager David Quandt told MortgageDaily.com.

He said Charter Funding had about 90 employees in its seven offices.

Quandt said he has "already been hired" by IndyMac. He would say nothing further and IndyMac spokesman Grove Nichols said what position Quandt would fill was in the discussion stages.

IndyMac was also meeting with Charter Funding's former employees about working for IndyMac in the former Charter Funding offices, he said. "We're interested in hiring their people and we're talking to their people," he said.

IndyMac also is in discussions with the bankruptcy court about taking over Charter Funding's office leases and acquiring the equipment in those offices, according to Nichols.

"That's an involved process we're working through now," he said.

Charter Funding was established in 1998 as a subsidiary of First Magnus, which had been founded two years earlier. Charter Funding, which originated about $90 million in loans a month, according to Quandt, had boasted that it was the largest privately held lender in Hawaii. Similarly, First Magnus, prior to closing, described itself as the nation's largest privately held mortgage bank and the 17th largest mortgage banker overall.

Jerry DeMuth is an award winning journalist who has been reporting for four decades.

e-mail Jerry at [email protected]
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders