Irwin Puts Conventional Unit Up for Sale

Irwin Financial Corp., Columbus, Ind., is fielding offers for its conventional mortgage banking affiliate, which ranks 35th among residential funders.However, the bank holding company is keeping its home equity division. IFC chairman Will Miller cited declining profit margins in the conventional sector as a reason for the sale, adding that "our servicing activities have grown to a size where we believe they can be managed and grown more effectively within another organization." Among residential servicers, Irwin Mortgage Corp. ranks 31st nationwide, with a receivables portfolio of $23.7 billion. According to the Quarterly Data Report (a MortgageWire affiliate), 90% of IMC's production is sourced through loan brokers or correspondents. The mortgage division has 47 offices in 26 states. (See the Jan. 30 issue of National Mortgage News for more details.)