IndyMac Production Steady
$6.6 billion 1st quarter production
May 1, 2003
By MortgageDaily.com staff
Another mortgage banking entity reported first quarter production.
IndyMac Bancorp, Inc., the holding company for IndyMac Bank, reported loan production (including construction originations) totaled $6.6 billion for the quarter, soaring 57 percent over first quarter 2002’s $4.2 billion, according to the report. Numbers remained steady compared to fourth quarter 2002.
The loans in process pipeline held $6 billion at the end of the quarter, up more than 100 percent over first quarter 2002 and up 28 percent from 2002 year end.
The company’s report stated that available loan production was 95 percent sold, compared to 117 percent in first quarter 2002.
The loan servicing portfolio totaled $31 billion for the quarter, up 25 percent from first quarter 2002’s $25 billion and up about 6% from the $29 billion performance for fourth quarter 2002, the statement said.
The Pasadena, Calif.-based bank reported $28 billion in loans serviced for others.
California residential real estate accounts for 52 percent of IndyMac’s outstanding loan volume and 44 percent of the total number of loans, the statement said.
The company also reported $4.9 billion in Web-based mortgage production and $328 million Web direct business-to-consumer loans.
IndyMac reported $36.9 million in earnings, 66 cents a share. The company announced an upcoming 10 cents dividend per share.
