Prospect Mortgage Moving Forward with Acquisition of Indymac Mortgage Retail Branches
Branches in full operation during transition, funding and originating loans, unaffected by federal actions toward former parent company
(Northbrook, IL, July 21, 2008) – Prospect Mortgage (www.prospectmtg.com) has announced that it is moving forward with its acquisition of the majority of Indymac’s retail mortgage branches by purchasing up to 80 of Indymac’s loan offices nationwide. Through this transaction, Prospect will hire at least 750 employees from Indymac. The acquisition is scheduled to close on August 7. The branches Prospect buys will remain in operation during the transition, funding loans and accepting new business. The Office of Thrift Supervision’s (OTS) seizure and the Federal Deposit Insurance Corporation’s (FDIC) conservatorship of Indymac Bank will not terminate the acquisition or the branches’ operation.
According to IndyMac Federal Bank, loans continue to be funded under original
terms, conditions, and timelines. Indymac loan officers and personnel who are moving to Prospect will continue to work directly with their borrowers. John Johnston and Ron Bergum of Indymac will remain leaders of the retail branch group following the closing and report to Mark Filler, CEO of Prospect.
“The FDIC has confirmed that the Indymac acquisition is moving forward as
planned. 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,” Mr. Filler said.
With completion of the Indymac transaction, Prospect Mortgage will become one
of the largest independent retail mortgage companies in the country.
Prospect Mortgage is one of the nation’s largest mortgage lenders, focused on high quality residential loans. Established in 2006 and licensed in all 50 states, Prospect’s professional loan officers are dedicated to providing the best advice and service to their clients. Prospect is backed by Sterling Partners, a multibillion–dollar private equity fund based in Chicago and Baltimore. To learn more, visit www.prospectmtg.com.
Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. Users of this information should not assume that it remains effective at a later date. Programs (including, without limits, fees, rates, and features) are subject to change without notice.
This press release may contain forward-looking statements with respect to the Company’s business, financial condition, results of operations, plans, objectives and future performance. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements, including, among others, changes in demand for mortgage loans, the Company’s access to funding sources and the terms upon which it can obtain financing, the impact of economic slowdowns or recessions, management’s ability to manage the Company’s growth and planned expansion, competition in the Company’s market, changes in government regulations, the impact of new legislation or court decisions restricting the activities of lenders or suppliers of credit in the Company’s market and the inability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake to up-date forward looking statements to reflect the impact of circumstances or events that arise after the date the forward looking statement are made.
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