Home loan originations were off by nearly a third at Impac Mortgage Holdings Inc., while the servicing portfolio was down by more than a quarter. Losses were also lower.
Mortgage production from Jan. 1 through March 31 totaled $0.353 billion, first-quarter earnings data indicate.
Business dropped from the previous three-month period, when the Irvine, Calif.-based firm generated a revised $0.517 billion in fundings.
During the first quarter of last year, Impac closed $0.674 billion in home loans.
The drop in originations “was primarily the result of the sale of the ‘brick and mortar’ retail branches at the end of the fourth quarter of 2013,” Impac said.
The mortgage servicing portfolio closed out March at $2.240 billion, falling from $3.129 billion at the end of last year.
“This decline was due to servicing sale of $522.2 million as well as the sale of AmeriHome and its servicing portfolio of $702.1 million, partially offset by the servicing retained loan sales in the quarter of $374.4 million,” the report stated.
Impac serviced $1.703 billion as of March 31, 2013.
Impac reported a $3 million loss before income taxes, not as bad as the $4 million loss in the fourth-quarter 2013 but worse than the $2 million first-quarter 2013 loss.
