Industry News

IndyMac hiring AHM employees to boost retail lending

Move is part of shift into agency-eligible mortgages

IndyMac Bancorp Inc. announced Tuesday that it has hired more than 600 former American Home Mortgage Investment Corp. employees as part of an ongoing expansion of its retail lending group. New York-based American Home Mortgage, which originated $59 billion in loans in 2006, filed for Chapter 11 bankruptcy this month. IndyMac -- which briefly stopped originating Alt-A loans this month because of a lack of demand from investors who buy them on the secondary market -- said the new hires specialize in prime, conforming, FHA and other agency-eligible mortgages. IndyMac said it is in discussions to hire another 150 to 250 American Home Mortgage workers. About three quarters of the new hires are retail loan officers, and eight out of 10 will be located in the western U.S., IndyMac said. The company has entered into license agreements to assume the leases of more than 90 American Home Mortgage offices, and is also planning to purchase six branch offices of Newport, Calif.-based B...