|IndyMac Reports Lower Fundings
$4.4 billion subprime, Alt-A production in 4th quarter
February 2, 2004
By MortgageDaily.com staff
|Fourth quarter levels of subprime and home equity production decreased for a Pasadena, Calif.-based bank.
IndyMac Bancorp Inc. subprime loan production totaled $4.4 billion during the fourth quarter, down 13% from the previous quarter, according to the company’s financial supplement. In the same period a year earlier, subprime volume totaled $3.2 billion.
Alt-A loan fundings accounted for $3.9 billion of the subprime volume total, the report said. Alt-A volume fell 14% from the third quarter, but increased 34% from the fourth quarter in 2002.
IndyMac reported that its home equity line of credit production totaled $259 million, decreasing 2% from the previous quarter soaring 82% above the fourth quarter a year earlier.
Overall production of $6.6 billion, which included construction commitments, was almost unchanged from the previous quarter, said the Pasadena bank.
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