The IMB Report posted that Indymac Bank’s total mortgage loan production in May was $2 billion, down 13% from $2.3 billion in April.  Financial Freedom, the banks reverse mortgage subsidiary had total production of $315 million in May, down 10% from April. Other interesting notes about Financial Freedom’s production:

• HECMs = 70% of their reverse mortgage production
• Cash Account  = 30% of their reverse mortgage production
• Overall production is down 29.5% vs. May 2007

Unfortunately, the May report doesn’t break down how much of their reverse mortgage production comes from wholesale and retail.  To read the post from Indymac click the link below.

Indymac Reports Reduced Mortgage Loan Production in May, Increase in Pipeline of New Loans; Compares Q1-07 Loan Loss Performance to Industry Benchmarks

Technorati tags: Reverse Mortgage, Financial Freedom, Indymac, News, HECM, FHA, HUD

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