Impac Restarts Originations
Impac Mortgage Holdings Inc. has wiped out more than $100 million in debt, erased its equity deficit and started originating mortgages again. The company also earned more than $15 million in loan modification fees last year.
In September 2007, the Irvine, Calif.-based company closed its warehouse, commercial mortgage and other mortgage lending operations.
Retail lending subsidiary Pinnacle Financial Corp. -- which briefly originated loans as Impac Home Loans -- was shut down later that same year.
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2 NY Banks Fail
Among four bank failures last week were two institutions in New York City. Both were scooped up by a big New Jersey-based bank.
ResCap Sale?
GMAC Inc. has reportedly hired an investment banker to help it unload Residential Capital LLC. But the majority of GMAC's residential originations would not be impacted from a sale of the struggling mortgage unit.
Growing Firm Scores Venture Capital Investment
A growing mortgage lender and servicer announced an equity investment by a venture capital firm. During the last few years, the Indiana-based mortgage company has acquired two other companies, expanded its retail branch program and pushed headcount past 100.
HFF Business Sinks
Despite a quarterly uptick in business, commercial real estate financing at HFF Inc. was down by more than half last year. The company sees weak fundamentals in the commercial real estate market continuing for up to another two years. Earnings improved.
Banks Continue to Acquire Mortgage Firms
Two more mortgage firms have been swallowed up by banks. But bank merger activity was still dominated by the acquisition of other banks. Three mortgage service providers, meantime, announced acquisition deals.
No Buyers for 2 of 4 Failed Banks
Buyers couldn't be found for two of last week's four bank failures -- pushing projected losses to more than $300 million.
Citi Fundings Fall
Home loan activity fell at Citigroup Inc., though so did losses.
