The dramatic growth in [tag]HECM loans[/tag] has been well documented by HUD statistics. But it’s also good to see hard evidence of industry growth reported from a source other than government statistics:

IndyMac Bancorp Inc. said Monday said it’s considering an initial public offering for its Financial Freedom Senior Funding Corp. as net income at the reverse mortgage unit doubled in the first quarter.

The Pasadena, Calif.-based [tag]IndyMac Bancorp[/tag] Inc. said the IPO would drive “growth and opportunities” for Financial Freedom, help attract and retain talent, raise cash and enhance shareholder value.

Shares of IndyMac rose 25 cents to $48.57 on Monday.

[tag]Financial Freedom[/tag] unit, which employed 984 people as of March 31, doubled its net income to $8 million from $4.2 million in the first quarter, as it lined up $1.1 billion in reverse mortgages, up from $507 million in the year-ago period.

Social tagging: Reverse Mortgage News

A Few More Related Articles of Interest:

Growth in HECM Loans

HECM Growth By State

Reverse Mortgage Stocks

HECM Market Comparison 10/31/2007 vs 10/31/2006

NAMB - National Association of Mortgage Brokers