Pasadena, Calif.-based IndyMac reported record mortgage loan production helped third quarter net income soar to a record of its own.
IndyMac Bancorp Inc. reported mortgage production rose 7% from the prior quarter to a record $8.5 billion during the third quarter. Production jumped 64% from the $5.3 billion total in the third quarter of 2002.
The company expects fourth quarter production to range from $5.8 billion to $6.6 billion.
Year-to-date volume reportedly totaled $23.5 billion, a 64% jump from the $14.3 billion in the same period last year.
In addition to its own loans, the alternative-A lender reported that it serviced $30.6 billion of loans owned by others, up 22% from the same period last year.
Record net earnings totaled $49.7 million, up 34% from the third quarter of 2002, said IndyMac.