Industry News

Earnings climb on strong mortgage production at IndyMac

Third-quarter earnings jump to $79.3 million
Published on Oct 31, 2005

IndyMac Bancorp, the holding company for IndyMac Bank, today reported its third-quarter earnings jumped 40 percent on strong mortgage loan production. Third-quarter earnings were $79.3 million, or $1.18 a share, including a 5-cents-per-share loss related to the Gulf Coast hurricanes. Third-quarter earnings a year ago were $49.7 million, or 78 cents a share. Revenues were up 31 percent to $282.7 million in the third quarter. The company recorded record mortgage loan production of $17 billion, up 64 percent from last year. IndyMac's mortgage market share of 2.19 percent was up 37 percent based on the Mortgage Bankers Association's long-term forecast. The company had a record pipeline of mortgage loans in process, totaling $8.9 billion at the end of the quarter, up 39 percent from last year. And the company's portfolio of loans serviced for others was up 66 percent to $74 billion. Though the company's business performed well and stock is up for the year, it is currently down ...

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