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IMPERIAL CREDIT INDUSTRIES INC. FORMS SECONDARY MARKET CONDUIT

 NEWPORT BEACH, Calif., Jan. 15 /PRNewswire/ -- The Correspondent Division of Imperial Credit Industries (NASDAQ: ICII) (ICI) has changed its name to ICI Funding Corp. and will be responsible for the management of the newly created national secondary market conduit. Gordon S. Stockwell, formerly the vice president of the Correspondent Division, has been appointed president of ICI Funding Corp.
 Under the management of Stockwell, the Correspondent Division, now ICI Funding Corp., has grown from $136 million in 1991, the year the division was established, to $1 billion in loan originations in 1992. Stockwell stated, "With the introduction of the secondary market conduit, coupled with continued multistate expansion of the Correspondent business, total originations from ICI Funding Corp. for 1993 are expected to reach $2 billion."
 The direct access to Wall Street that the conduit provides will enable the company to access loan production from the larger mortgage banking firms nationally, keeping with the parent's long-term strategy to diversify loan originations geographically.
 In addition to an array of loan products that will include a Jumbo LIBOR, as well as a 30 year due in 15 loan program, Imperial Credit Industries Inc. will be offering warehouse lines of credit for the conduit loan programs to qualified mortgage banking companies.
 Imperial Credit Industries Inc. originated $3.2 billion of new loans in 1992, an increase in excess of 100 percent over 1991 and operates as a majority-owned subsidiary of Imperial Bank, Los Angeles.
 -0- 1/15/93
 /CONTACT: Gordon Stockwell, president of ICI Funding, 714-955-1107; or Karen C. Montandon, investor relations of Imperial Credit Industries, 714-252-2843/
 (ICII)


CO: Imperial Credit Industries Inc.; ICI Funding Corp.;
 Imperial Bank ST: California IN: FIN SU:


JL -- LA012 -- 5388 01/15/93 13:11 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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