Irwin Takes Mortgage-Related Loss

Irwin Financial Corp., Columbus, Ind., has reported a net loss of $4.2 million ($0.14 per share) for the third quarter, including a loss of $13.4 million from Irwin's conforming mortgage operations, which have been discontinued.A year earlier, Irwin reported net income of $18.5 million. The company noted that it had sold "substantially all" its conforming, conventional mortgage operations in the third quarter, including a majority of the associated mortgage loans and mortgage servicing rights. "Earlier this year, we announced a strategic decision to focus our attention on the growth of our small-business and nonconforming consumer mortgage business and, therefore, determined that we would sell our mortgage origination and servicing platforms," said Irwin chairman Will Miller. "With New Century purchasing our servicing operations and offering employment to the majority of our servicing staff, we now have substantially met our exit goals." The company can be found online at http://www.irwinfinancial.com.