Impac Mortgage Holdings Inc. reported that its home lending activity moved higher and its loan servicing portfolio expanded.
Residential loan production from April 1 through June 30
came to $2.604 billion.
Impac revealed the origination data, as well as other financial metrics, in its second-quarter 2015 earnings report.
Business ascended from the first three months of this year, when $2.413 billion was closed. First-quarter originations were revised from the $2.285 billion originally reported.
Mortgage lending activity also accelerated from the second quarter of last year, when volume came to a mere $0.465 billion.
The year-over-year surge in new business reflected the acquisition of CashCall Inc. in January.
During the six months ended June 30, 2015, Impac closed
$5.017 billion in home loans.
Second-quarter 2015 production included $1.548 billion in retail originations, $0.416 billion from the wholesale channel and $0.640 billion in correspondent acquisitions.
Impac reported that it serviced $4.061 billion in mortgages as of June 30, 2015.
The servicing portfolio grew from $2.577 billion three months earlier and $1.572 billion twelve months earlier.
Income before income taxes at the Irvine, California-based company shot up to $17 million during the latest period from $10 million in the first quarter and $1 million in the second-quarter 2014.
Increased income reflected an $11 million reduction to
the estimated contingent consideration liability to the seller of CashCall.
