IndyMac to buy ACB servicing released nonconforming loans
By MortgageDaily.com staff
8/5/2005

Members of America's Community Bankers have a new secondary outlet for nonconforming loans that they will continue to service.

IndyMac Bank's correspondent division has formed a strategic alliance with ACB Business Partners Inc. in which it will purchase nonconforming mortgages, excluding the servicing rights, from ACB member banks and thrifts, according to an announcement Wednesday.

"The servicing-retained feature will allow our members to sell mortgages into the secondary market while still maintaining an ongoing relationship with their customers," said William Kroll, president and chief executive of ACB Business, in the announcement.

IndyMac, which in 2004 achieved nearly $38 billion in nonprime volume, said it was "proud of this alliance."

"ACB members will have access to IndyMac's extensive suite of products, exceptional customer service and award-winning QuickPricer and e-MITS technology, while developing and maintaining relationships with their borrowers for the life of the mortgage," said Len Israel, president of IndyMac's Correspondent Services Division, in a written statement.

QuickPricer and e-MITS technology allows access to online risk-based pricing, decisioning and rate-locking in less than one minute, according to the announcement.

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