Impac Mortgage Holdings Inc.’s warehouse lending unit is helping brokers convert to correspondent mortgage bankers with warehouse lines for loans it buys.
The Newport Beach, Calif.-based lender recently announced the broker-to-banker transition program that provides qualifying brokers with customized warehouse lines of credit and same-day 100% funding capability on all loans sold to Impac.
With Impac’s automated loan approvals and pricing, brokers avoid haircuts — the portion of a loan funded by the correspondent — and close the deal on their own terms, which means brokers “can make the most of every funding opportunity,” Impac said.
“With automated underwriting, pricing and compliance, many of the major issues brokers encounter with any of the big Wall Street firms are eliminated,” said Impac executive Greg Davis in the announcement.
Amongst the program’s offerings, available from subsidiary Impac Mortgage Holdings Inc., are a $3 million startup warehouse line of credit, correspondent lending, Web-based funding requests and electronic collateral delivery and tracking, the announcement said.
Under the broker-to-banker transition program, brokers are able to fund a full array of loan solutions down to Alt-B, Impac reported.
“Mortgage brokers looking to make the transition to mortgage banking are assured that they are working with a correspondent lender that knows the alternative lending market and offers a wide range of the newest technology, fast approvals and online marketing support,” Davis added.
