Prospect Mortgage acquires IndyMac mortgage retail branches

Prospect Mortgage acquires IndyMac mortgage retail branchesMortgagePress.comOffice of Thrift Supervision, Federal Deposit Insurance Corporation Prospect Mortgage has announced that it is moving forward with its acquisition of the majority of IndyMac Federal Bank'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 branches Prospect buys will remain in operation during the transition, funding loans and accepting new business. The Office of Thrift Supervision's seizure and the Federal Deposit Insurance Corporation's 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 will report to Mark Filler, CEO of Prospect. Based in Northbrook, Ill., Prospect Mortgage is a mortgage lender focused on high-quality residential loans. For more information, visit www.prospect.mtg.com.