Prospect Mortgage’s acquisition of the majority of IndyMac's retail mortgage branches is scheduled to close on Aug. 7 despite IndyMac's current troubles, according to yesterday’s Prospect release.

With the acquisition, originally announced on July 8, Prospect will hire at least 750 former IndyMac employees and buy up to 80 of its loan offices nationwide.

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 Corp. (FDIC) conservatorship of IndyMac will not terminate the acquisition or the branches' operation.

According to IndyMac, 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, Prospect's CEO.


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