IndyMac, Pasadena, Calif., is once again originating prime, single-family residential, full-documentation jumbo loans after temporarily reducing the origination of this product due to current illiquidity in the secondary market."Given our strong financial position, we are fully committed to the market for prime jumbo home loans," said Michael W. Perry, Indymac's Chairman and CEO. "Until the secondary market recovers, we plan to retain this product in our investment portfolio at what we believe will be attractive returns." These prime jumbo products will be available through all Indymac's distribution channels for borrowers providing full documentation only. The product offerings include 5/1 adjustable rate mortgages, 7/1 ARMs, and 15- and 30-year fixed rate products. The borrower must have a FICO score of 680 and above and a down payment, or equity, of 25% is eligible for a loan of up to $2 million. A down payment, or equity, of 20% is eligible for a loan of up to $1 million. A down payment, or equity, of 15% and mortgage insurance, is eligible for a loan of up to $750,000. Jumbo loans are single-family residential mortgage loans that have a loan balance exceeding that which is saleable to the government sponsored agencies, currently $417,000.
