IndyMac Gets Lift From Increased Loan Services
Mortgage lender IndyMac Bancorp Inc. said second-quarter profit rose 28% as the company gained a larger share of the mortgage market.
The Pasadena-based company posted net income of $105 million, or $1.49 a share, versus profit of $82 million, or $1.24, a year earlier. Revenue rose 31% to $377.1 million.
Analysts polled by Thomson Financial forecast earnings of $1.31 on revenue of $325 million.
Mortgage loan production rose 41% to $20.1 billion. Mortgages in the company’s pipeline rose 29% to $12.5 billion as of June 30. Loans serviced for other lenders rose 73% to $110 billion.
The company’s share of the mortgage market rose 0.64 of a percentage point to 2.96% during the quarter, the company said.
Shares of IndyMac closed down $2.28 at $41.26.