IndyMac Bancorp Inc., which on Monday said it would lay off 3,800 workers and stop accepting new loan submissions, has reached an agreement to sell more than 60 retail mortgage branches to Prospect Mortgage.

Under the deal, the branches will be rebranded as Prospect branches and approximately 750 employees will join the company, according to an internal e-mail sent to employees on Tuesday. Financial terms were not disclosed.

“This is a tremendous development for our organization,” said Prospect Chief Executive Mark Filler in the e-mail, which was provided to the Business Journal. “This transaction is proof that we are on our way to becoming the nation’s largest independent retail mortgage company.”

Northbrook, Ill.-based Prospect was started in 2006 and is backed by private equity fund Sterling Partners.

Executives at Pasadena-based IndyMac had been working since last week with Prospect in an effort to pull off a deal. On Monday, IndyMac Chief Executive Michael Perry said in a letter to stakeholders that the company would stop taking most loan applications and close its roughly 150 branches.

Through the deal, 750 employees who on Monday were told they would be laid off will keep their jobs under Prospect’s management, said IndyMac spokesman Evan Wagner.

“We wanted to mitigate our own losses and we wanted to find them a home,” Wagner said of the deal.

Additionally, IndyMac will continue to originate loans “without interruption,” the company said in a separate e-mail to IndyMac employees.

“Between now and the time that that (the deal closes), our retail sales force is still going to be doing business under our brand,” Wagner said. “Whatever loans they originate, they’ll go through our systems, but Prospect will fund them.”

Separately, analyst Paul Miller of Friedman Billings Ramsey & Co. lowered his target price for the company’s stock from $1 to zero on Tuesday. Miller said he does not expect the company to go under, but he wrote in a research report, “We do not believe that there is any value left for common shareholders.”

Shares of IndyMac closed up 4 percent to 46 cents in after-hours trading after plunging 38 percent in the regular session.