IndyMac Activity Up

$6.9 billion 1st quarter production
By MortgageDaily.com staff
4/29/2004

Overall mortgage volume nudged up at IndyMac Bancorp Inc. -- driven by a wave of refinances.

The Pasadena, Calif.-based bank reported that first quarter mortgage production totaled $6.9 billion, up from the previous quarter's $6.3 billion. Last year at this time, volume was $6.5 billion.

The company said the quarterly uptick was driven by refinance activity -- up 35% -- during February's declining interest-rate environment.

Alt-A loan originations comprised most of the latest volume as they rose to $4.6 billion, IndyMac said, while subprime fundings were $458 million. Meanwhile, home equity line of credit production reportedly edged down to $244 million.

The total servicing portfolio of $38.9 billion increased 6% from the fourth quarter, according to the report.

IndyMac announced first quarter net income totaled $41.9 million.

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