In its quest to slim down its business, Impac Mortgage Holdings Inc. has sold some of its mortgage branches. The buyer is interested in more acquisitions.
Last month, the Irvine, Calif.-based company reported that it would eliminate 23 retail branch locations, lay off 180 employees and close a fulfillment center.
That disclosure came on the heals of an earlier announcement that Impac had reached a deal to sell subsidiary AmeriHome Mortgage Corp.
On Tuesday, a news release indicated that Prospect Mortgage LLC has acquired some of Impac’s retail branch assets.
“The acquisition should add approximately 40 Loan Officers to Prospect’s origination platform across 12 branches in California, Washington, Oregon and Idaho,” today’s statement said.
Another 15 operations employees from Impac are also making the move to Sherman Oaks, Calif.-based, Prospect Mortgage.
“We are seeing an increase in acquisition opportunities from independent mortgage bankers and brokers as 2014 begins,” Prospect Mortgage President of National Lending Doug Long said in the statement. “As we continue to explore future acquisitions, we believe that our purchase-focused strategy along with our marketing capabilities, loan processing infrastructure and loan officer-centric resources will prove to be attractive in an operating environment in the mortgage industry that has become more complex.”