Indymac is Closing All Wholesale Regional Operations Centers

[baghdad_bush]

Just received this email...

Indymac Mortgage Broker and Banker Division <[e-mail]> wrote:
Subject: Indymac is Closing All Wholesale Regional Operations Centers
From: "Indymac Mortgage Broker and Banker Division" <[e-mail]>
Date: Tue, 8 Jul 2008 01:18:12 +0000


Indymac is Closing All Wholesale Regional Operations Centers


Dear Indymac Mortgage Banker or Broker,

A few months ago, when WaMu made the decision to exit wholesale lending, we wrote to let you know that we were committed to all of our mortgage professional customers, and that we were working hard to rebuild our business model. Since then, our employees have worked tirelessly and professionally to rebuild our production model and I am very thankful for their service and their unwavering commitment under the most difficult of circumstances. We have successfully transformed ourselves into a competitive Agency and Government lender, and for this we should all be very proud.
However, with the continued very difficult and challenging environment, we are taking steps to continue to protect Indymac's safety and soundness, and have made the difficult decision to cease production of new mortgages, which includes exiting the third-party lending business altogether. Going forward, Indymac will be focused on operating its Southern California retail banking business, offering reverse mortgages through Financial Freedom and operating our home loan servicing and opportunistically growing these groups over time as market conditions permit.
Our decision to exit third-party lending is effective immediately, however, the following timeframes and guidelines are in effect:
Effective immediately we will no longer accept any new rate locks.

Effective immediately we will no longer accept new credit package submissions (either in physical form or through e-FlowSM functionality) for loans that do not have a valid rate lock.

The last day to fund refinance transactions will be July 31, 2008.

The last day to fund purchase transactions will be August 15, 2008.