Two More Mortgage Lenders Consolidate

IndyMac Bancorp Inc. is buying the retail mortgage platform of the New York Mortgage Co., a wholly owned subsidiary of New York Mortgage, Inc.

In order to complete the deal, Pasadena-based IndyMac agreed to pay $13.4 million, which is an $8 million premium to the net book value of the assets being acquired from New York Mortgage.

As part of the transaction, IndyMac will hereby assume all of the leases, the lending platform, the majority of the employees and the name of the mortgage company.

The transaction is expected to close by March 31, subject to regulatory approvals. In conjunction with the deal, IndyMac obtains 21 full service offices and 11 satellite retail mortgage loan offices in 11 states, all on the East Coast.

IndyMac will also get the home loans currently in the pipeline of mortgage applications in process at closing.

IndyMac has a growing presence in Rancho Cordova. The California mortgage loan operation opened location in Sacramento six years ago to do back office operations for the West Coast.

That office now concentrates on Northern California. The Rancho Cordova office has 125 employees. It is one of 16 operations centers around the country for IndyMac, one of the region’s fastest growing mortgage lenders.

SOURCE: Charlotte Business Journal