Mortgage Daily

Published On: August 17, 2004
Impac Production Climbs

2nd quarter production $5.5 billion

August 17, 2004

By MortgageDaily.com staff

Volume jumped 57% for the mortgage operations unit of Impac Mortgage Holdings Inc.

Impac Funding Corp. acquired and originated $5.5 billion in mortgages during the second quarter, up from $3.5 billion in the previous quarter, according to the parent company’s quarterly earnings report. A year ago, the total was $1.9 billion.

Alt-A mortgages continued at their level of 96% of total production, and subprime loans accounted for the rest, the real estate investment trust reported.

About 86% of the second quarter’s volume consisted of adjustable-rate mortgages and hybrids, and the remaining balance was filled by fixed-rate mortgages, according to the report.

Purchase originations accounted for 57% of the latest volume, the Newport Beach, Calif.-based lender said.

The majority, or 86%, of originations were done through the company’s correspondent channels, while wholesale and retail originations were responsible for 10% and subsidiary Novell Financial Services Inc. added 4%, Impac said.

Impac Mortgage reported that second quarter earnings more than tripled from the previous quarter to $143.2 million, which was “primarily the result of a modification of our accounting for derivative financial instruments and hedging activities offset by a correction of our revenue recognition practice with respect to the cash sale of mortgage loan servicing rights to unrelated third parties.”

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