Industry News

Earnings climb on strong mortgage production at IndyMac

Third-quarter earnings jump to $79.3 million

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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 ...