Home lending activity increased during the final three months of last year at Impac Mortgage Holdings Inc., and business is expected to nearly double in the first three months of this year.
From Oct. 1, 2014, until Dec. 31, 2014, home loan originations were $1.109 billion, according to the fourth-quarter earnings report.
Business increased from the previous three-month period, when mortgage production came in at $0.924 billion.
Impac more than doubled it business compared to the fourth-quarter 2013, when a downwardly revised $0.517 billion in residential loan originations were reported.
Loan originations are expected to soar past $2 billion in the first-quarter 2015.
During all 12 months of last year, total production amounted to
$2.849 billion, climbing from the prior year’s $2.548 billion.
Retail originators generated $0.080 billion of last year’s business, while the wholesale channel originated $0.599 billion, and correspondent acquisitions were $2.170 billion.
Impac said its mortgage servicing portfolio was $2.267 billion as of Dec. 31, 2014.
The servicing portfolio leapt from $1.248 billion three months earlier but sank from $3.129 billion a year earlier.
The Irvine, Calif., had a less than $2 million fourth-quarter 2014 loss from continuing operations before taxes, worsening from less than $1 million in the previous quarter but not as bad as the nearly $3 million loss in the final three months of 2013.
There were 298 employees on staff as of year-end 2014, Headcount diminished from 312 people at the end of the prior year.
More than a third of Impac’s outstanding stock is controlled by Todd M. Pickup and Richard H. Pickup.
