American Express Announces IndyMac as a New Partner for First-Ever Monthly Mortgage Payments Program

After announcing earlier this week the first-ever program for monthly home mortgage payments on the American Express® Card, today American Express announced that IndyMac Bank®, the nation’s second largest independent mortgage lender, will be among the first to offer this Express Rewards MortgageSM program to borrowers seeking eligible prime loans. IndyMac Bank plans to introduce the program in mid-summer as part of their ongoing commitment to offer innovative products and services to meet the needs of well-qualified borrowers such as the American Express Cardmember. The Express Rewards Mortgage program, designed for the consumer seeking a new or refinanced prime loan, provides Cardmembers with the ability to pay recurring monthly mortgage payments on the American Express Card; delivering convenience and security since they will have one less check to write and one less due date to remember. It also offers Cardmembers another opportunity to earn Membership Rewards, cash back, airline or hotel points or other types of rewards affiliated with their Card simply by paying their monthly mortgage. "The desirable attributes of the American Express Cardmember base – affluent, high-spending with strong credit histories – make the Express Rewards Mortgage Program an ideal opportunity for lenders seeking to differentiate themselves in a highly competitive market,” said Bill Glenn, president, Establishment Services North America and Global Merchant Network Group, American Express. "Given American Express’ experience in other real estate and large-ticket industries, we believe the benefits to our Cardmembers in terms of rewards, convenience, access to premium service and home-related offers makes this an ideal addition to our history of innovation and premium value.” "The Express Rewards Mortgage program is an ideal fit with the innovative product line at Indymac®. As a solutions based lender we are focused on customizing products to fit a borrower’s individual situation. This program provides further convenience to their monthly routine while adding the benefit of earning rewards for their mortgage payments,” said Gavin Brady, Senior Vice President and CEO of Consumer Bank Lending, IndyMac Bank. "Our customers are the perfect target audience for a product that appeals to a client base with strong credit and payment histories. We are excited to be among the first lenders working with American Express on this unique offer.” The program is open to all American Express consumer Cardmembers and applies to new or refinanced qualifying prime loans offered by Indymac. To be eligible for the program, the Cardmember must qualify for, and close on, a participating prime loan under Indymac’s underwriting standards and must be pre-authorized by the issuer to make the anticipated monthly payment. About American Express American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, business services, insurance and international banking. Establishment Services is the merchant network of American Express, which acquires and maintains relationships with millions of merchants around the globe, which welcome American Express-branded Cards. For more information, please visit www.americanexpress.com. About Indymac IndyMac Bancorp, Inc. (NYSE: IMB) (Indymac®) is the holding company for IndyMac Bank, F.S.B. (Indymac Bank®), the 7th largest savings and loan and the 2nd largest independent mortgage lender in the nation. Indymac Bank, operating as a hybrid thrift/mortgage banker, provides cost-efficient financing for the acquisition, development, and improvement of single-family homes. Indymac also provides financing secured by single-family homes and other banking products to facilitate consumers’ personal financial goals. With an increased focus on building customer relationships and a valuable consumer franchise, Indymac is committed to becoming a top five mortgage lender in the U.S. by 2011, with a long-term goal of providing returns on equity of 15 percent or greater. The company is dedicated to continually raising expectations and conducting itself with the highest level of ethics. For more information about Indymac and its affiliates, or to subscribe to the company's Email Alert feature for notification of company news and events, please visit http://about.indymacbank.com/investors.