IndyMac Bancorp Inc. said Friday that it made $3.3 billion in loans in March, a 63 percent decline from a year earlier. For February, IndyMac had reported $3.5 billion in mortgages, which was off 58 percent from a year earlier.
However, the parent of IndyMac Bank said that its loan quality has improved. Only 1 percent of new borrowers missed their first mortgage payment down from 1.8 percent in February and 3 percent in August when IndyMac first began shifting its focus toward higher-quality loans.
IndyMac also said that 88 percent of loans issued in March were eligible for sale to government-sponsored enterprises Fannie Mae and Freddie Mac.
IndyMac is coming off of reporting its first loss in its 23-year history. It also made its first sale of securities in more than two months earlier this week, as the company's Chief Executive, Michael Perry, continues to try to turn the company to profitability.
Shares in IndyMac were up 1.5 percent to $4.41 in early trading Friday
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