Impac Mortgage Holdings, Inc. (NYSE MKT:IMH) announces the
financial results for the quarter ended September 30, 2016.
For the third quarter of 2016, the Company reported GAAP net
earnings of $16.5 million, and adjusted operating income (as
defined below) of $47.4 million, as compared to GAAP net earnings
of $19.3 million and adjusted operating income of $8.5 million in
the third quarter of 2015, and GAAP net earnings of $12.3 million
and adjusted operating income of $18.5 million in the second
quarter of 2016. Operating income, excluding the changes in
contingent consideration, (“adjusted operating income”) is
considered a non-GAAP financial measurement; see the discussion and
reconciliation on non-GAAP financial measures below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations |
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
(in thousands, except share data) |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
(unaudited) |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of loans, net |
|
$ |
|
113,158 |
|
|
$ |
|
78,822 |
|
|
$ |
|
47,274 |
|
|
$ |
|
245,849 |
|
|
$ |
|
133,018 |
|
Real estate services fees, net |
|
|
|
2,678 |
|
|
|
|
1,995 |
|
|
|
|
2,775 |
|
|
|
|
6,773 |
|
|
|
|
7,872 |
|
Servicing income, net |
|
|
|
3,789 |
|
|
|
|
2,803 |
|
|
|
|
2,432 |
|
|
|
|
8,680 |
|
|
|
|
4,083 |
|
Loss on mortgage servicing
rights |
|
|
|
(15,857 |
) |
|
|
|
(14,482 |
) |
|
|
|
(4,818 |
) |
|
|
|
(41,249 |
) |
|
|
|
(14,176 |
) |
Other |
|
|
|
225 |
|
|
|
|
75 |
|
|
|
|
(11 |
) |
|
|
|
453 |
|
|
|
|
283 |
|
Total revenues |
|
|
|
103,993 |
|
|
|
|
69,213 |
|
|
|
|
47,652 |
|
|
|
|
220,506 |
|
|
|
|
131,080 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
|
|
|
38,467 |
|
|
|
|
30,592 |
|
|
|
|
21,315 |
|
|
|
|
93,025 |
|
|
|
|
56,883 |
|
Business promotion |
|
|
|
10,350 |
|
|
|
|
11,286 |
|
|
|
|
10,735 |
|
|
|
|
30,828 |
|
|
|
|
19,628 |
|
General, administrative and
other |
|
|
|
7,736 |
|
|
|
|
8,842 |
|
|
|
|
7,100 |
|
|
|
|
23,742 |
|
|
|
|
20,479 |
|
Accretion of contingent
consideration |
|
|
|
1,591 |
|
|
|
|
1,759 |
|
|
|
|
2,424 |
|
|
|
|
5,244 |
|
|
|
|
5,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of contingent
consideration |
|
|
|
23,215 |
|
|
|
|
8,412 |
|
|
|
|
(16,897 |
) |
|
|
|
34,569 |
|
|
|
|
(28,223 |
) |
Total expenses |
|
|
|
81,359 |
|
|
|
|
60,891 |
|
|
|
|
24,677 |
|
|
|
|
187,408 |
|
|
|
|
74,238 |
|
Operating income: |
|
|
|
22,634 |
|
|
|
|
8,322 |
|
|
|
|
22,975 |
|
|
|
|
33,098 |
|
|
|
|
56,842 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
1,304 |
|
|
|
|
833 |
|
|
|
|
119 |
|
|
|
|
2,036 |
|
|
|
|
2,135 |
|
Change in fair value of long-term
debt |
|
|
|
(8,641 |
) |
|
|
|
1,354 |
|
|
|
|
— |
|
|
|
|
(7,286 |
) |
|
|
|
(8,661 |
) |
Change in fair value of net trust
assets |
|
|
|
1,071 |
|
|
|
|
2,165 |
|
|
|
|
(3,004 |
) |
|
|
|
2,609 |
|
|
|
|
(3,078 |
) |
Total other (expense) income |
|
|
|
(6,266 |
) |
|
|
|
4,352 |
|
|
|
|
(2,885 |
) |
|
|
|
(2,641 |
) |
|
|
|
(9,604 |
) |
Net earnings before income
taxes |
|
|
|
16,368 |
|
|
|
|
12,674 |
|
|
|
|
20,090 |
|
|
|
|
30,457 |
|
|
|
|
47,238 |
|
Income tax (benefit) expense |
|
|
|
(130 |
) |
|
|
|
423 |
|
|
|
|
781 |
|
|
|
|
728 |
|
|
|
|
(22,852 |
) |
Net earnings |
|
$ |
|
16,498 |
|
|
$ |
|
12,251 |
|
|
$ |
|
19,309 |
|
|
$ |
|
29,729 |
|
|
$ |
|
70,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common
shares |
|
|
|
14,403 |
|
|
|
|
13,863 |
|
|
|
|
13,598 |
|
|
|
|
13,973 |
|
|
|
|
12,837 |
|
Diluted earnings per share |
|
$ |
|
1.18 |
|
|
$ |
|
0.92 |
|
|
$ |
|
1.48 |
|
|
$ |
|
2.27 |
|
|
$ |
|
5.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings include fair value adjustments for changes in the
contingent consideration, long-term debt and net trust
assets. The contingent consideration is related to the
CashCall Mortgage (“CCM”) acquisition transaction, while the other
fair value adjustments are related to our legacy portfolio.
These fair value adjustments are non-cash items and are not related
to current operating results. Although we are required by
GAAP to record a change in fair value and accretion of the
contingent consideration, management believes operating income
excluding contingent consideration changes and the related
accretion is more useful to discuss the ongoing and future
operations of the Company. The table below shows
operating income excluding these items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
(in thousands, except share data) |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net earnings: |
|
$ |
|
16,498 |
|
|
$ |
|
12,251 |
|
|
$ |
|
19,309 |
|
|
$ |
29,729 |
|
$ |
|
70,090 |
|
Total other (expense) income |
|
|
|
6,266 |
|
|
|
|
(4,352 |
) |
|
|
|
2,885 |
|
|
|
2,641 |
|
|
|
9,604 |
|
Income tax (benefit) expense |
|
|
|
(130 |
) |
|
|
|
423 |
|
|
|
|
781 |
|
|
|
728 |
|
|
|
(22,852 |
) |
Operating income: |
|
$ |
|
22,634 |
|
|
$ |
|
8,322 |
|
|
$ |
|
22,975 |
|
|
$ |
33,098 |
|
$ |
|
56,842 |
|
Accretion of contingent
consideration |
|
|
|
1,591 |
|
|
|
|
1,759 |
|
|
|
|
2,424 |
|
|
|
5,244 |
|
|
|
5,471 |
|
Change in fair value of contingent
consideration |
|
|
|
23,215 |
|
|
|
|
8,412 |
|
|
|
|
(16,897 |
) |
|
|
34,569 |
|
|
|
(28,223 |
) |
Operating income excluding changes in contingent
consideration |
|
$ |
|
47,440 |
|
|
$ |
|
18,493 |
|
|
$ |
|
8,502 |
|
|
$ |
72,911 |
|
$ |
|
34,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares |
|
|
|
14,403 |
|
|
|
|
13,863 |
|
|
|
|
13,598 |
|
|
|
13,973 |
|
|
|
12,837 |
|
Diluted operating income excluding changes in contingent
consideration per share |
|
$ |
|
3.29 |
|
|
$ |
|
1.33 |
|
|
$ |
|
0.63 |
|
|
$ |
5.22 |
|
$ |
|
2.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income, excluding the changes in contingent
consideration, increased to $47.4 million or $3.29 per diluted
common share for the third quarter of 2016 as compared to $8.5
million or $0.63 per diluted common share in the third quarter of
2015, and $18.5 million or $1.33 per diluted common share in the
second quarter of 2016. The $28.9 million increase in
operating income in the third quarter of 2016, as compared to the
second quarter of 2016, was primarily due to a $34.3 million
increase in gain on sale of loans from a 30% increase in volume (as
discussed below) combined with a 25 basis point “bps” increase in
gain on sale margins to 268 bps in the quarter. This
increase in gain on sale of loans was offset primarily by an
increase in loss on mortgage servicing rights (“MSR”) of $15.9
million in the third quarter, as discussed below.
During the third quarter of 2016, prepayments of the servicing
portfolio increased to $1.1 billion of the unpaid principal balance
(“UPB”) as compared to $881.4 million in UPB in the second quarter.
However, during the third quarter, we successfully recaptured and
refinanced 85% of these prepayments, a slight improvement over an
83% retention rate for the second quarter of 2016.
The loss on mortgage servicing rights was primarily due to
charges associated with the retention of servicing, as shown
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on Mortgage Servicing Rights |
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
(in
thousands) |
|
September 30, |
|
September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Change
in fair value of mortgage servicing rights |
|
$ |
|
(8,224 |
) |
|
$ |
|
(4,347 |
) |
|
$ |
|
(32,047 |
) |
|
$ |
|
(7,983 |
) |
Loss on
sale of mortgage servicing rights |
|
|
|
(7,532 |
) |
|
|
|
(471 |
) |
|
|
|
(10,611 |
) |
|
|
|
(6,193 |
) |
Realized
and unrealized gains from hedging instruments |
|
|
|
(101 |
) |
|
|
|
— |
|
|
|
|
1,409 |
|
|
|
|
— |
|
Loss on mortgage servicing
rights |
|
$ |
|
(15,857 |
) |
|
$ |
|
(4,818 |
) |
|
$ |
|
(41,249 |
) |
|
$ |
|
(14,176 |
) |
|
Upon a borrower refinancing a loan in our portfolio, the
associated MSR of the initial loan is written off in the form of a
mark-to-market (“MTM”) loss from the prepayment of the loan.
However, we also record the origination income from the refinanced
loan and the gain on sale including the capitalized servicing value
of the new MSR. In the third quarter of 2016, we recorded
$8.2 million in change in fair value of mortgage servicing rights,
including $9.3 million in MSR MTM losses due to these prepayments
offset by a MTM gain at September 30, 2016 of $1.1 million, as a
result of a slight increase in rates during September.
During the third quarter, the Company was successful in
negotiating an amendment to a previous MSR sale, extending the
early prepayment protection, in return allowing the Company to
solicit our customer for refinance. Upon refinancing our
customer from the sold portfolio, we earn the origination income on
the new loan and gain on sale including the capitalized servicing
value of the new MSR but also record a charge representing premium
recapture charges related to the early prepayment protection.
In accordance with GAAP, a charge for the current period activity
is recorded plus an estimate of all expected servicing premium to
be paid to the investor is required to be recorded. In the
third quarter of 2016, the loss on mortgage servicing rights of
$7.5 billion includes a $2.8 million charge for third quarter 2016
activity and a reserve of $4.2 million for future expected premium
recapture charges. As long as the interest rate environment
allows for recapture opportunities, we expect to continue to
refinance borrowers in the sold portfolio. However, we will
monitor the profitability of this extended early prepayment
protection on a month-to-month basis. The amendment gives the
Company the option to terminate the agreement with a 90 day
notification.
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
Q3 2016 |
|
Q2 2016 |
|
%Change |
|
Q3 2015 |
|
%Change |
Retail
Originations |
$ |
3,273.7 |
|
$ |
2,493.0 |
|
|
31 |
% |
|
$ |
1,285.7 |
|
|
155 |
% |
Correspondent
Originations |
$ |
583.2 |
|
$ |
419.9 |
|
|
39 |
% |
|
$ |
608.5 |
|
|
-4 |
% |
Wholesale
Originations |
$ |
360.1 |
|
$ |
334.5 |
|
|
8 |
% |
|
$ |
409.0 |
|
|
-12 |
% |
Total
Originations |
$ |
4,217.0 |
|
$ |
3,247.4 |
|
|
30 |
% |
|
$ |
2,303.2 |
|
|
83 |
% |
|
|
|
|
|
|
During the third quarter of 2016, total originations increased
30% to $4.2 billion as compared to $3.2 billion in the second
quarter of 2016. In the third quarter of 2016, retail
originations continued to be the main driver of total originations
representing approximately 78% or $3.3 billion in total
originations. For the first nine months of 2016, the
Company’s total originations increased to $9.8 billion, a 34%
increase as compared to $7.3 billion for the first nine months of
2015, with retail originations representing $7.4 billion or 76% of
such originations.
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
9/30/2016 |
|
6/30/2016 |
|
%Change |
|
9/30/2015 |
|
%Change |
Locked Pipeline |
$ |
1,222.9 |
|
$ |
1,020.4 |
|
|
20 |
% |
|
$ |
725.5 |
|
|
69 |
% |
|
|
|
|
|
|
As of September 30, 2016, our locked pipeline, which represents
mortgages we expect to close in the near future, had increased to
$1.2 billion, a 20% increase from $1.0 billion as of June 30,
2016.
|
|
|
Summary Balance
Sheet |
September
30, |
December
31, |
(in thousands) |
|
2016 |
|
|
2015 |
|
ASSETS |
(Unaudited) |
|
Cash |
$ |
58,902 |
|
$ |
32,409 |
|
Mortgage
loans held-for-sale |
|
849,521 |
|
|
310,191 |
|
Finance
receivables |
|
78,653 |
|
|
36,368 |
|
Mortgage
servicing rights |
|
87,413 |
|
|
36,425 |
|
Securitized mortgage trust assets |
|
4,169,519 |
|
|
4,594,534 |
|
Goodwill
and intangibles |
|
131,765 |
|
|
134,913 |
|
Deferred
tax asset |
|
24,420 |
|
|
24,420 |
|
Other
assets |
|
59,640 |
|
|
41,592 |
|
Total
assets |
$ |
5,459,833 |
|
$ |
5,210,852 |
|
|
|
|
|
|
|
|
LIABILITIES & EQUITY |
|
|
Warehouse borrowings |
$ |
880,111 |
|
$ |
325,616 |
|
Debt |
|
94,668 |
|
|
106,433 |
|
Securitized mortgage trust liabilities |
|
4,151,389 |
|
|
4,580,326 |
|
Contingent consideration |
|
59,896 |
|
|
48,079 |
|
Other
liabilities |
|
60,088 |
|
|
35,908 |
|
Total
liabilities |
|
5,246,152 |
|
|
5,096,362 |
|
Total equity |
|
213,681 |
|
|
114,490 |
|
Total liabilities and
stockholders’ equity |
$ |
5,459,833 |
|
$ |
5,210,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
9/30/2016 |
|
6/30/2016 |
|
%Change |
|
9/30/2015 |
|
%Change |
Mortgage Servicing
Portfolio |
$ |
9,450.7 |
|
$ |
6,641.5 |
|
|
42 |
% |
|
$ |
6,088.0 |
|
|
55 |
% |
|
|
|
|
|
|
As of September 30, 2016, the UPB of the Company’s mortgage
servicing portfolio increased to $9.5 billion, a 42% increase from
June 30, 2016, which contributed to the increase of our retained
MSRs to $87.4 million at September 30, 2016 as compared to $54.7
million at June 30, 2016.
During the third quarter of 2016, we increased the carrying
value of our long-term debt by $8.8 million due to our improved
financial condition as evidenced by better profitability and the
recent successful public offering, as discussed below.
In September 2016, the Company issued 3.45 million shares of
common stock at a public offering price of $13.00 per share, as a
result of the completion of a successful over-subscribed follow-on
offering, including underwriter over-allotment. The demand
from the institutional investment community was strong and resulted
in a 20% upsizing of the shares offered. Gross proceeds to
the Company were approximately $44.9 million before deducting
underwriter discounts and commissions and estimated expenses
payable by the Company. The proceeds from the offering are
for general corporate purpose, including working capital and
development costs, such as retention of servicing on new
originations and to grow market share and geographic scope within
the CashCall Mortgage retail channel, as well as continued growth
in the correspondent and wholesale lending channels.
The contingent consideration liability represents the estimated
fair value of the expected future earn-out payments to be paid to
the seller of the CCM operations, which were acquired in the first
quarter of 2015. In the third quarter of 2016, we updated
assumptions based on current market conditions, resulting in an
increase in projected volumes of CCM and in turn a higher estimated
value of the contingent consideration to the seller of CCM. As a
result, we recorded a change in the fair value of the contingent
consideration in the third quarter increasing the contingent
consideration liability by $23.2 million over the remaining
earn-out period of five quarters. Even though this projected
increase in mortgage volume for CCM is a favorable development, as
required by GAAP, it resulted in a corresponding charge to earnings
of $23.2 million in the third quarter of 2016.
Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage
Holdings, Inc., commented, “After being out of the public equity
markets for ten years and spending six years after the financial
crisis restructuring the balance sheet and resolving many of our
legacy issues, we are pleased to see the strong demand from the
institutional investment community in our equity offering.
The proceeds from this offering will allow us to execute on our
core growth strategies which include continuing to expand our
origination and servicing platforms and to retain valuable MSR
assets. We are very excited to add new high-quality
institutional investor partners in connection with the offering and
are pleased that they share in our enthusiasm for the opportunities
at IMH.”
Non-GAAP Financial Measures
This release contains operating income excluding changes in
contingent consideration and operating income excluding changes in
contingent consideration per share as performance measures, which
are considered non-GAAP financial measures, to further aid our
investors in understanding and analyzing our core operating results
and comparing them among periods. Operating income excluding
changes in contingent consideration and operating income excluding
changes in contingent consideration per share exclude certain items
that we do not consider part of our core operating results. These
non-GAAP financial measures are not intended to be considered in
isolation or as a substitute for net earnings before income taxes,
net earnings or diluted EPS prepared in accordance with GAAP.
The table below shows operating income excluding these items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Diluted earnings per share |
|
$ |
|
1.18 |
|
|
$ |
|
0.92 |
|
|
$ |
|
1.48 |
|
|
$ |
2.27 |
|
$ |
|
5.61 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (expense) income
(1) |
|
|
|
0.40 |
|
|
|
|
(0.36 |
) |
|
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.60 |
|
|
Income tax (benefit) expense |
|
|
|
(0.01 |
) |
|
|
|
0.03 |
|
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
(1.78 |
) |
|
Accretion of contingent
consideration |
|
|
|
0.11 |
|
|
|
|
0.13 |
|
|
|
|
0.18 |
|
|
|
0.38 |
|
|
|
0.43 |
|
|
Change in fair value of contingent
consideration |
|
|
|
1.61 |
|
|
|
|
0.61 |
|
|
|
|
(1.24 |
) |
|
|
2.47 |
|
|
|
(2.20 |
) |
|
Diluted operating income excluding changes in contingent
consideration per share |
|
$ |
|
3.29 |
|
|
$ |
|
1.33 |
|
|
$ |
|
0.63 |
|
|
$ |
5.22 |
|
$ |
|
2.66 |
|
|
|
(1 |
) |
Includes the
add back of interest expense on the convertible notes, net of tax
used to calculate diluted earnings using the if-converted
method. |
Conference Call
The Company will hold a conference call on November 3, 2016, at
9:00 a.m. Pacific Time (12:00 p.m. Eastern Time), to discuss the
Company’s financial results and business outlook and to answer
investor questions. After the Company’s prepared remarks,
management will host a live Q&A session. To submit
questions via email, please email your questions to
Justin.Moisio@ImpacMail.com. Investors may participate in the
conference call by dialing (844) 265-1560, conference ID number
10264507, or access the web cast via our web site at
http://ir.impaccompanies.com. To participate in the conference
call, dial in 15 minutes prior to the scheduled start time. The
conference call will be archived on the Company's web site at
http://ir.impaccompanies.com.
Forward-Looking Statements
This press release contains certain forward looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward looking
statements, some of which are based on various assumptions and
events that are beyond our control, may be identified by reference
to a future period or periods or by the use of forward looking
terminology, such as “may,” “capable,” “will,” “intends,”
“believe,” “expect,” “likely,” “potentially” ”appear,”
“should,” “could,” “seem to,” “anticipate,” “expectations,” “plan,”
“ensure,” or similar terms or variations on those terms or the
negative of those terms. The forward looking statements are based
on current management expectations. Actual results may differ
materially as a result of several factors, including, but not
limited to the following: failure to achieve the benefits
expected from the acquisition of the CCM operations, including an
increase in origination volume generally, increase in each of our
origination channels and ability to successfully use the marketing
platform to expand volumes of our other loan products; successful
development, marketing, sale and financing of new and existing
financial products, including expansion of non-Qualified Mortgage
originations and conventional and government loan programs; ability
to successfully diversify our mortgage products; volatility in the
mortgage industry; unexpected interest rate fluctuations and margin
compression; our ability to manage personnel expenses in relation
to mortgage production levels; our ability to successfully use
warehousing capacity; increased competition in the mortgage lending
industry by larger or more efficient companies; issues and system
risks related to our technology; ability to successfully create
cost and product efficiencies through new technology; more than
expected increases in default rates or loss severities and mortgage
related losses; ability to obtain additional financing through
lending and repurchase facilities, debt or equity funding,
strategic relationships or otherwise; the terms of any
financing, whether debt or equity, that we do obtain and our
expected use of proceeds from any financing; increase in loan
repurchase requests and ability to adequately settle repurchase
obligations; failure to create brand awareness; the outcome,
including any settlements, of litigation or regulatory actions
pending against us or other legal contingencies; and our compliance
with applicable local, state and federal laws and regulations and
other general market and economic conditions.
For a discussion of these and other risks and uncertainties that
could cause actual results to differ from those contained in the
forward looking statements, see the annual and quarterly reports we
file with the Securities and Exchange Commission. This document
speaks only as of its date and we do not undertake, and
specifically disclaim any obligation, to release publicly the
results of any revisions that may be made to any forward looking
statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements.
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative
mortgage lending and warehouse lending solutions, as well as real
estate solutions that address the challenges of today’s economic
environment. Impac’s operations include mortgage and
warehouse lending, servicing, portfolio loss mitigation and real
estate services as well as the management of the securitized
long-term mortgage portfolio, which includes the residual interests
in securitizations.
For additional information, questions or comments, please call
Justin Moisio, VP Business Development & Investor Relations at
(949) 475-3988 or email Justin.Moisio@ImpacMail.com. Web site:
http://ir.impaccompanies.com or www.impaccompanies.com