Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DOYLE TIMOTHY M
   2. Issuer Name and Ticker or Trading Symbol
ITLA CAPITAL CORP [IMP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Exec. Managing Dir and CFO
(Last)
(First)
(Middle)
C/O ITLA CAPITAL CORP, 888 PROSPECT STREET SUITE 110		 3. Date of Earliest Transaction (Month/Day/Year)
05/17/2007
(Street)

LA JOLLA, CA 92037		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/17/2007   M   15,000 A $ 18 15,000 D  
Common Stock 05/17/2007   S   100 D $ 51.79 14,900 D  
Common Stock 05/17/2007   S   100 D $ 51.9 14,800 D  
Common Stock 05/17/2007   S   100 D $ 51.95 14,700 D  
Common Stock 05/17/2007   S   800 D $ 52 13,900 D  
Common Stock 05/17/2007   S   100 D $ 52.01 13,800 D  
Common Stock 05/17/2007   S   200 D $ 52.02 13,600 D  
Common Stock 05/17/2007   S   100 D $ 52.03 13,500 D  
Common Stock 05/17/2007   S   600 D $ 52.04 12,900 D  
Common Stock 05/17/2007   S   500 D $ 52.25 12,400 D  
Common Stock 05/17/2007   S   300 D $ 52.26 12,100 D  
Common Stock 05/17/2007   S   600 D $ 52.48 11,500 D  
Common Stock 05/17/2007   S   800 D $ 52.49 10,700 D  
Common Stock 05/17/2007   S   300 D $ 52.5 10,400 D  
Common Stock 05/17/2007   S   300 D $ 52.51 10,100 D  
Common Stock 05/17/2007   S   400 D $ 52.52 9,700 D  
Common Stock 05/17/2007   S   100 D $ 52.53 9,600 D  
Common Stock 05/17/2007   S   800 D $ 52.55 8,800 D  
Common Stock 05/17/2007   S   4,700 D $ 52.6 4,100 D  
Common Stock 05/17/2007   S   200 D $ 52.61 3,900 D  
Common Stock 05/17/2007   S   100 D $ 52.62 3,800 D  
Common Stock 05/17/2007   S   100 D $ 52.63 3,700 D  
Common Stock 05/17/2007   S   100 D $ 52.64 3,600 D  
Common Stock 05/17/2007   S   100 D $ 52.72 3,500 D  
Common Stock 05/17/2007   S   300 D $ 52.73 3,200 D  
Common Stock 05/17/2007   S   1,200 D $ 52.75 2,000 D  
Common Stock 05/17/2007   S   200 D $ 52.76 1,800 D  
Common Stock 05/17/2007   S   200 D $ 52.78 1,600 D  
Common Stock 05/17/2007   S   300 D $ 52.79 1,300 D  
Common Stock 05/17/2007   S   300 D $ 52.8 1,000 (1) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 18 05/17/2007   M     15,000   (2) 02/02/2008 Common Stock 15,000 $ 18 0 D  
Stock Option (Right to Buy) $ 14               (3) 02/02/2009 Common Stock 15,000   15,000 D  
Stock Option (Right to Buy) $ 11               (4) 01/31/2010 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 23               (5) 02/19/2012 Common Stock 15,000   15,000 D  
Stock Option (Right to Buy) $ 48.46             12/19/2005 12/19/2015 Common Stock 25,000   25,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DOYLE TIMOTHY M
C/O ITLA CAPITAL CORP
888 PROSPECT STREET SUITE 110
LA JOLLA, CA 92037		       Exec. Managing Dir and CFO  

Signatures

 /s/ Timothy M. Doyle   05/21/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person sold all 15,000 shares acquired upon exercise of the stock option. As a result of the filing system's limitation on the number of transactions that can be reported on a single Form 4, however, the remaining transactions that were part of the reporting person's sale of the 15,000 shares are being reported on a separate Form 4.
(2) One-third of the option vested on February 2, 1999, one-third vested on February 2, 2000 and one-third vested on February 2, 2001.
(3) One-third of the option vested on February 2, 2000, one-third vested on February 2, 2001and one-third vested on February 2, 2002.
(4) One-third of the option vested on January 31, 2001, one-third vested on January 31, 2002 and one-third vested on January 31, 2003.
(5) One-third of the option vested on February 19, 2003, one-third vested on February 19, 2004 and one-third vested on February 19, 2005.

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