Mortgage Daily Logo
mortgage news from industry experts

IndyMac Posts Record Earnings

IndyMac Posts Record Earnings

Mortgage loan production hits new heights

August 3, 2003


Another lender reported record production for the second quarter of 2002.

IndyMac Bancorp, Inc., the parent company of IndyMac Bank, reported loan production of $8.0 billion for the quarter, 73 percent over last year’s comparable time. According to the statement, this number represents a record.

The company has has $6.9 billion in loans in the pipeline, up 86 percent over last year, IndyMac said.

In its quarterly earnings statement, IndyMac’s chairman and chief executive officer Michael W. Perry commented on the company’s diversity regarding the mortgage industry.

“We have continued to invest in mortgage loans, mortgage servicing rights and mortgage-backed securities to enhance the diversification and consistency of our revenue streams. In light of the recent significant increase in long-term Treasury and mortgage rates, the industry appears to be in for an abrupt return to a more normal purchase-dominated mortgage market,” he said. “Given that the majority of our capital is devoted to investment portfolio activities as opposed to mortgage origination activities and we currently have $259 million of excess capital, we believe we are reasonably well positioned for this likely challenging transition.”

The company reported their portfolio as totaling $29 million, 21 percent more than second quarter 2002.

Non-performing assets were less than one percent of the total, down from 1.3 percent this time last year, the company said.

Anne Lineberry is‘s editor. She previously worked as an online editor/producer for and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

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,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts