Mortgage Daily Logo
mortgage news from industry experts

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.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION