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Record IndyMac Production

Record IndyMac Production

$9.4 billion 2nd quarter fundings

August 02, 2004

By staff

IndyMac Bancorp Inc. reported record quarterly volume.

Second quarter mortgage loan production hit a record $9.4 billion, the Pasadena, Calif.-based mortgage banker announced, increasing from the prior quarter’s $6.9 billion. A year ago, the total was nearly $8.2 billion.

“The results this quarter demonstrate strong execution on our strategies focused on single-family residential mortgage lending,” CEO and chairman Michael W. Perry said in the announcement.

As refinance volumes industrywide have declined, the lender said it has continued to further penetrate the purchase market and has adapted its production mix to the demand for adjustable rate mortgages, which now consist of 61% of mortgage production, compared with only 29% a year ago.

Purchase volume increased from the first quarter to 41%, while cashout and rate/term refinance transactions edged down to 59%, according to the second quarter earnings report.

Most of the latest volume was derived from Alt-A loan originations, which jumped to $6.4 billion, IndyMac said. Subprime fundings edged up to $567 million, and home equity line of credit volume production increased to $408 million.

By channel, wholesale made up $3.7 billion of the reported originations, while correspondents business accounted for $919 billion, according to the announcement.

IndyMac, which reported pro-forma second quarter earnings of $54.6 million, said that in addition to its own loans, it serviced $34.6 billion of mortgage loans owned by others at the end of the quarter.

Earlier this month, the bank-holding company reportedly became the largest U.S. provider of reverse mortgages with the acquisition of Financial Freedom Holdings Inc.

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