| 2002 Impac Production Doubles
Company reported $3.9 billion volume for last year February 3, 2003 By MortgageDaily.com staff |
| Impac Mortgage Holdings, Inc. announced it more than doubled total loan production during 2002.
For the entire year of 2002, loan production reached almost $3.9 billion, a 162% increase from 2001’s total of almost $1.5 billion. Total loan production for the fourth quarter reached $1.2 billion, compared with almost $579 million during fourth quarter 2001. “By selling fixed rate loans to the long-term investment operations, the company as a whole is less reliant on revenue generated from gain on sale of loans and is more reliant on revenue generated from its balance sheet,” CEO William S. Ashmore said. “We believe that this strategy will provide more earnings over time than would be received on earnings generated strictly from loan sales.” The non-conforming lender’s master servicing portfolio ended the year at almost $8.7 billion. Impac Funding Corporation, the company’s mortgage operation, acquired and originated $6.0 billion of mostly non-conforming Alt-A mortgages during 2002, almost doubling the total from 2001. Impac Mortgage Holding is based in Newport Beach, Calif. Its shares were up $0.03 at $11.97 during late-morning trading, according to CBSMarketwatch.com. |
