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Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Impac Returns to Warehouse Lending

Company exited business in 2007

Oct. 1, 2013

By Mortgage Daily staff

In a sign of how much the mortgage industry has recovered since some of the darkest days for real estate finance, Impac Mortgage Holdings Inc. has ventured back into warehouse lending.

In September 2007, at the height of the mortgage meltdown, Impac disclosed that it would close its warehouse, commercial mortgage and all other mortgage lending operations.

At the time, the Irvine, Calif.-based company blamed "continued market disruptions and illiquidity in the nonconforming and Alt-A mortgage market which was precipitated by the deterioration of the subprime mortgage market and lack of investor confidence."

But times have changed since the subprime meltdown.

In August, Impac disclosed that it planned to re-enter the warehouse lending business.

This week, Impac reported that its warehouse lending division is now fully operational and accepting applications.

The division handling the warehouse business is Impac Warehouse Lending.

Mortgage bankers will be able to use the lines to finance conforming loans, jumbo mortgages up to $3 million and refinances closed through the Home Affordable Refinance Program at up to 150 percent loan-to-value ratios.

Impac promises competitive pricing on its lines.

"Impac Warehouse Lending will provide funding facilities to all lenders, but initially will focus on smaller mortgage bankers and credit unions, including some of Impac Mortgage's current correspondent customers," Monday's announcement said. "Offering warehouse lending will provide added value for Impac Mortgage's current correspondent customers, as well as increase the capture rate of our approved correspondent sellers' business."

Information about Impac's warehouse program is online at www.impacwarehouse.com.


Related:
Impac Done With Alt-A, Warehouse Biz (Sept. 18, 2007)
Impac Mortgage Holdings Inc. is shutting down mortgage units and laying off more employees.

Impac profile

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The Mortgage Graveyard
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