| Production Off at Impac
4th quarter volume $3.1 billion February 2, 2004 By MortgageDaily.com staff |
| Quarterly volume decreased for the mortgage operations unit of Impac Mortgage Holdings Inc.
Impac Funding Corp.’s mortgage acquisitions and originations totaled $3.1 billion during the fourth quarter, a 15% decrease from the third quarter, but nearly double the $1.7 billion total in the fourth quarter 2002, announced the parent company. Alt-A loans accounted for 95% of the volume, while the rest were nonconforming loans, said Impac. Impac’s correspondent channel was responsible for 82% of the production total, the wholesale and retail channels added 13% and subsidiary Novelle Financial Services Inc. aggregated the remaining 5%, said the Newport Beach, Calif. company. In all of 2003, volume totaled $9.5 billion, compared to $5.9 billion in the prior year, the report said. The parent company also announced its 2003 net earnings of $127.2 million –$38.6 million in the fourth quarter — jumped 70% from the previous year’s total. |
