IndyMac Tightens Screws on Brokers

Thanks to a friend for the tip.  IndyMac Bank is changing its broker approval process and re-certification process for existing brokers.  The move is an effort to improve the quality of their wholesale originator partners.  Here are the details:  In an effort to promote the highest quality of business, IMB is changing approval and re-instatement standards. All new and re-activated broker applications begininning (sic) November 15th, 2007. IMB will now require $250 non-refundable application fee to sign up as a broker. IMB will now require $250 non-refundable application eview fee to be re-instated if suspended for inactivity Minimum Fico standard for all approved or re-instated brokers will be 620 Brokers will have to have a minimum 25% ownership in company AND