| Sudden Impac
$1.7 Q3 production at Impac Mortgage October 28, 2002 By MortgageDaily.com staff |
| Impac Mortgage Holdings, Inc. reported increases in loan acquisitions, originations, and net earnings during the third quarter.
The non-conforming lender announced $1.7 billion in total loan acquisitions and originations for the quarter, a 21% increase over second quarter’s $1.4 billion and a 106% improvement over the same periord last year. “A further decrease in mortgage rates during the quarter resulted in another refinancing wave and contributed to record mortgage acquisitions and originations,” said Joseph R. Tomkinson, chairman and chief executive officer of the California-based company. The third quarter finished with $19.4 million in net earnings, an almost 10% increase from last quarter and a substantial 133.7% leap from last year’s $8.3 million. Impac’s servicing portfolio totaled $7.9 billion at the end of the quarter, compared with $6.9 billion from second quarter, a finance department spokesman said. The company continues to rely mainly on purchase money transactions for the bulk of its mortgage business, said William S. Ashmore, president and chief operating officer. |
