Mortgage Blog

From an email this morning:

 Indymac is getting out of the mortgage business.

    ...will necessitate the reduction in our present workforce from approximately 7,200 to roughly 3.400 or so over the next couple of months."

Indymac has announced they will no longer accept any new loan submissions or rate locks in either retail or wholesale, and are closing their "forward" mortgage business.

Indymac employees have been on hold waiting for a company-wide 1:00pm conference call.

    "Indy Mac is closing TODAY. The entire Marlton NJ office is apparently being shut down and their other operations offices are closing. All wholesale operations are gone."

As this news rolls across the country, we will keep you updated on developments. One source says as many as 4,000 people will be laid off. It's early in the day, but an official announcement is expected within hours as to the extent of the shutdown.