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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


Operational Metrics Improve at Impac

Q2 originations up 16% from Q1

Aug. 13, 2013

By Mortgage Daily staff


A public filing by Impac Mortgage Holdings Inc. indicates that staffing has expanded, servicing is growing and delinquency is declining. Quarterly originations were higher, and full-year production is projected to increase by a quarter. The re-entry into warehouse lending is expected to boost correspondent production.

The Irvine, Calif.-based company closed $0.780 billion during the three months ended June 30.

Business picked up from the first quarter, when $0.674 billion in home loans were originated.

Production also improved from the second-quarter 2012, when Impac funded $0.533 billion in residential loans.

Impac reported the operational data in a quarterly filing with the Securities and Exchange Commission.

This year's second-quarter production included $0.213 billion in government mortgages and $0.558 billion in conventional loans.

Retail originators generated 29 percent of second-quarter 2013 originations, while the wholesale share was 42 percent and the correspondent channel was responsible for 29 percent.

Refinance share was 61 percent.

First-half 2013 mortgage originations totaled $1.454 billion.

"Due to the recent increase in interest rates, consistent with the rest of the industry, we expect third quarter volumes to be lower than second quarter volumes," the report stated. "Furthermore, with uncertainty around the Federal Reserve's bond buying program, interest rates could remain at a level that results in our 2013 originations to be closer to $3 billion, an increase of approximately 25 percent over 2012."

The mortgage servicing portfolio was $2.110 billion as of June 30, inching up from $1.703 billion as of March 31 and $1.492 billion as of a year prior.

Delinquency of at least 60 days was 0.83 percent, falling from 1.39 percent at the end of last year.

Repurchase claims tied to discontinued operations cost Impac $1 million in the second quarter.

Earnings from continuing operations before income taxes came in at $2 million, swinging from a first-quarter loss of $1 million but sinking from the $8 million in earnings during the same period last year.

The lender said that it is in the process of re-entering the warehouse lending business. By providing warehouse lines to correspondent clients, Impac hopes its correspondent loan production will grow.

"By re-entering the warehouse lending business, something the company has been extremely successful with previously, we have once again created a synergistic relationship between our business units that we expect to help enhance the company's net earnings and shareholder value," Impac Chairman and Chief Executive Officer Joseph Tomkinson said in the earnings announcement. "The launch of warehouse lending along with other operational and business initiatives which we have been working on, should establish a good foundation for the rest of the year and strengthen our prospects for 2014."

Impac Secured Assets Corp. was named as a defendant in a lawsuit filed on May 15 in U.S. District Court for the Central District of California. The complaint was filed by Wilmington Trust Co. as Owner Trustee of Impac Secured Assets CMN Trust Series 1998-1 and Impac CMB Trust Series 1999-1, 1999-2, 2000-1, 2000-2, 2001-4, 2002-1, and 2003-5.

Impac said that the complaint alleges that the defendants owe the plaintiff indemnification for settlements that Wilmington agreed to in another case, Gilmor, et al. v. Preferred Credit Corp., et al..

A $3.1 million settlement was approved on Jan. 24 by the U.S. District Court for the Central District of California in a lawsuit filed on May 26, 2011, by Citigroup Global Market Inc. The second installment payment of 100,000 shares of common stock valued at $1 million was made on June 26.

Headcount at Impac finished the second quarter at 663, more than the 610 employees at the end of the first quarter and the 468 people on staff at the same point a year earlier.

Impac Mortgage profile

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