New York Mortgage Trust Inc. last week said it is selling its assets for $13.4 million to IndyMac Bank, a unit of Pasadena-based mortgage company IndyMac Bancorp.
As part of the deal, IndyMac, which has its home lending unit in Irvine, will buy 21 full service and 11 satellite retail mortgage banking offices in 11 states.
It’s also set to keep all of New York Mortgage’s branch employees and loan officers, as well as use of the New York Mortgage Co. name. IndyMac plans to hire a majority of New York Mortgage’s workers at its headquarters.
The deal, which is expected to close by March 31, is part of New York Mortgage’s look at “strategic alternatives.” The mortgage company’s seen challenges amid the housing slowdown.
IndyMac has 559 workers in Orange County and counted $357.1 million in OC deposits through June 30.
,Los Angeles Business Journal
