IndyMac Banc expands its retail lending group nationwide

Co announces that it has hired over 600 former American Home Mortgage Investment retail lending professionals who were recently terminated by them. These retail lending professionals specialize in prime conforming, FHA/VA and other agency eligible single-family mortgage products. The co is in discussions to hire additional former AHM employees and anticipates that it will end up hiring 750 to 850 former AHM employees in total. Roughly 75% of the staff consists of retail loan officers, with the balance being in operations, marketing and recruiting. Roughly 83% of the new staff will be located in the western United States, with the balance being located in the East. Among the new hires are Ron Bergum and John Johnston, the former AHM co-CEOs of retail lending in its Western region. Additionally, the co has entered into a license agreement to use over 90 of AHM's offices and is in the process of assuming the leases on these offices and purchasing the related furniture and equipment. The new employees are being hired into Indymac Bank's Retail Lending Group (RLG), and are expected to generate quarterly production of roughly $1 bln for the co, once they are fully integrated.