Prospect Mortgage to Acquire 80 Indymac Offices, 750 Employees

July 21, 2008 No Comments »

office space

Prospect Mortgage affirmed today that it was moving forward with its planned acquisition of Indymac’s retail mortgage offices and related staff, despite the recent seizure of the troubled mortgage lender.

As part of the deal scheduled to close August 7, Prospect Mortgage will purchase up to 80 loan offices nationwide and hire at least 750 Indymac employees.

The company had previously estimated that it would acquire up to 60 branches just a day after Indymac announced that it had stopped originating nearly all types of home loans.

“The FDIC has confirmed that the Indymac acquisition is moving forward as planned,” said Mark Filler, Prospect CEO. “The Indymac branches included in the acquisition are funding loans in-process and originating new loans, and will remain open for business through the closing.”

“Borrowers who had loans submitted prior to the acquisition notice have received forms and instructions to facilitate a smooth transfer of their files,” he added.

It’s unclear what types of loans the Prospect-owned branches are offering, but they’re likely limited to conservative, government-backed programs (FHA loans, VA loans, etc).

Once the deal is completed, Prospect Mortgage, which also owns Metrocities Mortgage, will become one of the largest independent retail mortgage lenders in the country.

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