|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.
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...