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Impac Mortgage Originations Plummet by Half

Home lending at Impac Mortgage Holdings Inc. turned sharply lower — plunging by half from the previous period. The servicing portfolio, though, grew.

Net earnings before income taxes at Impac amounted to $5 million during the period that initiated on Jan. 1, 2017, and concluded on March 31.

The Irvine, California-based company disclosed the results, in addition to other financial and operational metrics, in its first-quarter 2017 earnings report.

Income improved from $1 million during the same three months last year but sank from $17 million in the final three months of last year.

Total residential loan originations during the latest quarter were $1.580 billion. Business plummeted from $3.111 billion in the fourth-quarter 2016 and tumbled from $2.349 billion in the first-quarter 2016.

First-quarter 2017 mortgage production consisted of $1.066 billion in retail originations, $0.243 billion in wholesale lending and $0.271 billion in correspondent acquisitions.

Originations appear to be stabilizing based on the locked pipeline, which concluded March 2017 at $0.6 billion, the same as year-end 2016.

Non-QM lending activity made up $0.184 billion of volume during the first-three months of this year, a significant increase in pace from $0.290 billion during all 12 months of last year.
The retail channel’s share of non-QM lending jumped to 40 percent in the first-quarter 2017 from just 12 percent in the fourth-quarter 2016.

Second-quarter 2017 non-QM production is positioned to rise based on the locked pipeline, which increased to $0.202 billion from $0.148 billion three months prior.

“Non-QM mortgages are typically a higher margin product for the company,” the report stated.

As of March 31, 2017, Impac serviced $13.242 billion in residential loans. The servicing portfolio grew from $12.352 billion three months earlier and $5.161 billion one year earlier.

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