New residential loan originations improved at Impac Mortgage Holdings Inc. In addition, the mortgage banking firm’s servicing portfolio expanded.
Home-lending activity totaled $2.349 billion during the period that started on Jan. 1 and concluded on March 31.
Business picked up from the final three-month period of last year, when mortgage production totaled $1.939 billion.
Those details, as well as other operational and financial metrics, were included in the Irvine, California-based firm’s first-quarter 2016 earnings report.
But new business slipped from the first-three months of 2015, when an upwardly revised $2.413 billion was originated.
Impac’s first-quarter 2016 volume was comprised of $1.653 billion in retail originations, $0.319 billion in wholesale lending and $0.377 billion in correspondent acquisitions.
Impac Mortgage Chairman and Chief Executive Officer Joseph Tomkinson noted in the report that second-quarter originations are expected to increase based on the growth in the pipeline.
“In the first quarter of 2016, we continued to expand our non-QM products and volumes, as well as continue to enhance our proprietary technology called iDASL (Impac Direct Access System for Lending),” the report stated. “Launched in 2015 as a non-QM pre-qualification engine, in 2016, we expect to use iDASL to provide a fully automated approval process for our non-QM loan products.”
The mortgage servicing portfolio finished March 2016 at $5.161 billion, growing from $3.571 billion as of Dec. 31, 2015.
As of March 31, 2015, Impac serviced $2.577 billion.
Impac said that its net earnings before income taxes sank to $1 million from $12 million three months earlier and $10 million 12 months earlier.
