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Record Production at Indymac

Record Production at Indymac

$6.4 billion 4th quarter production

January 30, 2003

By MortgageDaily.com staff

IndyMac Bank reported record mortgage loan production for the fourth quarter and the year.

The Pasadena, Calif.-based lender announced it originated $6.4 billion in loans during the fourth quarter, minus subdivision construction commitments. This is up 23% from third quarter and up almost half from fourth quarter 2001.

Prime loans made up almost $5.6 billion of fourth quarter’s production, and subprime made up $279 million of it. Home equity lines of credit and consumer construction took up the remainder.

IndyMac produced $20.9 billion in loans for the year, up almost one-quarter from 2001. It also reported almost $9.6 billion in total assets.

“IndyMac delivered strong results during the fourth quarter and the full year 2002 with record loan production, effective interest rate risk management in a challenging environment and a continued improvement in overall asset quality and credit risk management,” CEO Michael W. Perry said.

IndyMac’s holding company is IndyMac Bancorp. Its shares were up $0.41 at $19.39 during late morning trading, according to CBSMarketwatch.com.

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