Another lender reported record production for the second quarter of 2002.
IndyMac Bancorp, Inc., the parent company of IndyMac Bank, reported loan production of $8.0 billion for the quarter, 73 percent over last year's comparable time. According to the statement, this number represents a record.
The company has has $6.9 billion in loans in the pipeline, up 86 percent over last year, IndyMac said.
In its quarterly earnings statement, IndyMac's chairman and chief executive officer Michael W. Perry commented on the company's diversity regarding the mortgage industry.
"We have continued to invest in mortgage loans, mortgage servicing rights and mortgage-backed securities to enhance the diversification and consistency of our revenue streams. In light of the recent significant increase in long-term Treasury and mortgage rates, the industry appears to be in for an abrupt return to a more normal purchase-dominated mortgage market," he said. "Given that the majority of our capital is devoted to investment portfolio activities as opposed to mortgage origination activities and we currently have $259 million of excess capital, we believe we are reasonably well positioned for this likely challenging transition."
The company reported their portfolio as totaling $29 million, 21 percent more than second quarter 2002.
Non-performing assets were less than one percent of the total, down from 1.3 percent this time last year, the company said.