April 11, 2008 / 11:51 AM / 11 years ago

IndyMac mortgage loans fall, credit quality rises

NEW YORK, April 11 (Reuters) - IndyMac Bancorp Inc IMB.N, one of the largest independent U.S. mortgage lenders, said it made $3.32 billion of mortgage loans in March, down 5 percent from February and down 63 percent from March 2007.

The Pasadena, California-based parent of IndyMac Bank also said loan credit quality is improving. The percentage of new mortgages on which borrowers missed their first payments fell to 1 percent in March from 1.8 percent in February. The percentage also fell from 3 percent last August, as the lender began shifting its focus toward higher-quality loans.

IndyMac said 88 percent of March loans were eligible for sale to government-sponsored enterprises Fannie Mae FNM.N and Freddie Mac FRE.N. It ended March with $5.32 billion of mortgage loans in process, down 30 percent from February and down 67 percent from March 2007.

The company disclosed results in a posting dated Thursday on its corporate blog (http://theimbreport.com). (Reporting by Jonathan Stempel; Editing by Derek Caney)

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