I have spoken with two friends (mortgage brokers) this morning and both use IndyMac for their loans on a regular basis. There stock is now down to $1.00 even.
IndyMac has, for awhile now, had 24 hour turnaround time on underwriting. One friend has reported multiple loans have been in underwriting for a week now and they are not giving answers as to why they have been delayed. According to that person, turn times went from 24 hours to forever overnight.
Another friend reported one loan was supposed to fund Tuesday, and they are making up excuses as to why the wire still has not been sent as of this morning. That is the exact same scenario every lender that has gone under has gone through just before they collapsed. Keep in mind, this is just a problem with a single loan not funding that I have heard about so far.
The big deal here is if they go under, I believe this would be the first bank-backed lender to fail. Their bank exists solely to fund mortgage loans. No mortgages, no bank. That would be a big ****ing deal.
If anyone else has info about IMB, please let us know. I know we have a lot of mortgage industry pros here, so someone must have contact with someone inside there. For full disclosure, this could just be a couple isolated incidents and they might not be having issues at all. I do own puts on them currently.
http://www.tickerforum.org/cgi-ticker/akcs-www?post=49918