Imperial Credit Name Change: Imperial Credit Industries...
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Imperial Credit Name Change: Imperial Credit Industries Inc. said Friday that it has changed the name of its correspondent division to ICI Funding Corp.
The Newport Beach mortgage bank also said Gordon S. Stockwell, formerly vice president of the division, will serve as president of ICI Funding Corp.
The correspondent division provides the money for loans that are arranged by savings and loan associations, commercial banks and other mortgage bankers nationwide. Imperial takes responsibility for the loans at the time of the closings.
The correspondent division, created in 1991, grew from $136 million in loan originations that year to $1 billion in 1992. Total originations from ICI Funding Corp. are expected to reach $2 billion in 1993, the company said.
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