New York Mortgage Trust, Inc. (NYSE:NTR) said Tuesday that it had completed the previously-announced sale of its retail mortgage lending platform, The New York Mortgage Company, LLC, to IndyMac Bank. The final purchase price was $13.5 million, slightly above the $13.4 million cited when the deal was first announced on February 7. NYMT said the final deal included $2.3 million that will be held in escrow to support warranties and indemnifications provided to IndyMac, as well as other purchase price adjustments. As part of the transaction, Indymac purchased substantially all of the operating assets related to NYMC's retail mortgage lending platform, including use of The New York Mortgage Company name, and assumed certain liabilities of NYMC's retail platform.
IndyMac has also acquired approximately 20 full service and 10 satellite retail mortgage lending offices located in 11 states, and NYMC's pipeline of mortgage applications in process at the time of closing. Indymac has hired substantially all branch employees and loan officers, as well as the majority of employees at NYMC's corporate headquarters, and assumed a portion of the retention and severance expenses associated with the transaction. For more information, visit http://www.indymac.com.
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