Prospect Mortgage Moving Forward with Acquisition of Indymac Mortgage Retail Branches

Branches in full operation during transition, funding and originating loans, unaffected by federal actions toward former parent company

Prospect Mortgage (www.prospectmtg.com) has announced that it is moving forward with its acquisition of the majority of Indymac's retail mortgage branches by purchasing up to 80 of Indymac's loan offices nationwide. Through this transaction, Prospect will hire at least 750 employees from Indymac. The acquisition is scheduled to close on August 7.
The branches Prospect buys will remain in operation during the transition, funding loans and accepting new business. The Office of Thrift Supervision's
(OTS) seizure and the Federal Deposit Insurance Corporation's (FDIC) conservatorship of Indymac Bank will not terminate the acquisition or the branches' operation.

According to IndyMac Federal Bank, loans continue to be funded under original terms, conditions, and timelines. Indymac loan officers and personnel who are moving to Prospect will continue to work directly with their borrowers.
John Johnston and Ron Bergum of Indymac will remain leaders of the retail branch group following the closing and report to Mark Filler, CEO of Prospect.

'The FDIC has confirmed that the Indymac acquisition is moving forward as planned. The Indymac branches included in the acquisition are funding loans in-process and originating new loans, and will remain open for business through the closing. Borrowers who had loans submitted prior to the acquisition notice have received forms and instructions to facilitate a smooth transfer of their files,' Mr. Filler said.

With completion of the Indymac transaction, Prospect Mortgage will become one of the largest independent retail mortgage companies in the country.

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Prospect Mortgage
Prospect Mortgage is one of the nation's largest mortgage lenders, focused on high quality residential loans. Established in 2006 and licensed in all 50 states, Prospect's professional loan officers are dedicated to providing the best advice and service to their clients. Prospect is backed by Sterling Partners, a multibillion–dollar private equity fund based in Chicago and Baltimore. To learn more, visit www.prospectmtg.com.

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