Bad news in my world again today.  IndyMac created a commercial division to become more diversified.  However, it was too little, too late for them. It wasn't entirely unexpected but the way it was handle certainly was.  The production team was let go at the end of the day on Monday and the division closed without any ado.  Phone lines and emails went unanswered this morning.  It's too bad because they did create a niche for just a little larger underwriting box.

Any loans with locks are supposed to be honored but I'd sit on the deal if you have a sale pending with Indy on the lending side.  We had a loan approved through them but now we know what the stalling was in issuing a rate lock.  It pays to have a Plan A & B but now you need C &D any more just in case.

You'll probably find this as an indication of a bigger picture within the company. I believe their stock was trading below 70 cents on the dollar. What a huge drop for one of the leading mortgage lenders in the nation.  Not real good news for the industry.