Quarterly residential originations at Impac Mortgage Holdings Inc. increased 14 percent. The company is looking to add jumbo mortgages and apartment loans to its menu of offerings during the next few months.
Home-loan production was $0.257 billion during the three months ended Sept. 30, according to the Irvine, Calif.-based company’s third-quarter earnings report released Monday.
Business improved from $0.226 billion in the second quarter. Volume was only $0.022 billion during all of the first nine months of last year.
From Jan. 1 through Sept. 30 of this year, loan originations totaled $0.538 billion.
“By the end of this year or early next year, we are hoping to begin funding and selling jumbo and small balance multifamily loans, which should also improve profitability,” Impac Chairman and Chief Executive Officer Joseph Tomkinson said in the report.
Warehouse capacity grew from $78 million as of the end of June to $88 million as of Sept. 30. Impac said it expects to increase its warehouse lines further as production grows.
The repurchase reverse eased to $5.4 million from $6.2 million three months earlier.
Net earnings climbed to $3.1 million from the second quarter’s $0.4 million. The company generated $1.0 million in income in the third-quarter 2010.
