Mortgage Daily Logo

New Reverse Lending Business Opens

Mortgage News

Mortgage Daily

                                                 July 12, 2012

An established provider of traditional mortgages has announced the launch of a new reverse mortgage lending division.

Impac Mortgage Holdings Inc., which originated Alt-A mortgages until it was crippled by the subprime crisis, restarted loan originations in March 2010.

This past February, the Irvine, Calif.-based company launched a correspondent lending channel.

Now Excel Mortgage Servicing Inc., which does business as Impac Mortgage and is owned by Impac-subsidiary Real Estate Service Corp., announced Thursday that it opened a reverse mortgage division.

Impac said that it is taking advantage of the exit from the reverse mortgage sector by other major financial institutions.

Among former major players that have left the reverse mortgage industry are Bank of America, Financial Freedom, MetLife Bank and Wells Fargo.

“Impac believes there exists a great opportunity to expand into a market that is very fragmented with no current lender enjoying more than 6 percent of the market,” the statement said.

Richard Johnson and Frank Curry have been recruited to lead the new business.

Originations will initially be generated on a retail-only basis.

Impac is recruiting operations staff, outside reverse mortgage sales professionals and internal sales personnel for a call center.

The company didn’t immediately respond to a request for information about how many people are being recruited or whether product lines include both proprietary reverse mortgages and home-equity conversion mortgages insured by the Federal Housing Administration.

Related Posts

Federal Housing Administration$1,224.5 billionDec. 31

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Federal Housing Administration$1,224.5 billionDec. 31

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Federal Housing Administration$1,224.5 billionDec. 31

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Federal Housing Administration$1,224.5 billionDec. 31

Mortgage Servicing Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story BAC Home Loan...

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 paperwork has 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 furniture need to...

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...

Newsletter

Don’t worry, we don’t spam