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IndyMac To Resume Prime Jumbo Home Loans

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IndyMac Bank announced today that it will resume originating prime, single-family residential, full doc jumbo loans after they temporarily reduced the origination of these products due to the recent credit cruch in the secondary markets.

"Given our strong financial position, we are fully committed to the market for prime jumbo home loans," commented Michael W. Perry, Indymac's Chairman and CEO. "Until the secondary market recovers, we plan to retain this product in our investment portfolio at what we believe will be attractive returns."

These products will be available for borrowers providing full documentation only. Product offerings include a 5/1 ARM, 7/1 ARM and 15 and 30-year fixed products. Minimum credit standards for these products are:

FICO Score	Down Payment	Loan Value
680	25 Percent	Up To $2 Million
680	20 Percent	Up To $1 Million
700	15 Percent + Mtg Insurance	Up To $750,000

Earlier this week GreenPoint Mortgage, a company that focused on jumbo and Alt-a loans, closed it's doors.

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Comments (1)

While other lenders reducing workforce or closing doors IndyMac is aggressively expanding its market share. The company hired over 600 of American Home Mortgage's former employees and is in the process of hiring more.

Above Posted By: Joe | Thu, 6 Sep 2007 18:18:37 EST

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