Impac Mortgage Holdings, Inc. (NYSE MKT:IMH) announces the
financial results for the fourth quarter and year ended December
31, 2016.
For the year ended 2016, the Company reported GAAP
net earnings of $46.7 million, or $3.31 per diluted common share
and Adjusted Operating Income (as defined below) of $96.9 million,
or $6.52 per diluted common share. For the year ended 2015,
the Company reported GAAP net earnings of $80.8 million, or
$6.40 per diluted common share, and Adjusted Operating Income of
$33.5 million, or $2.56 per diluted common share.
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.
For the quarter ended December 31, 2016, the
Company reported GAAP net earnings of $16.9 million, or $1.00 per
diluted common share, and Adjusted Operating Income of $23.9
million, or $1.37 per diluted common share. For the quarter
ended December 31, 2015, the Company reported GAAP net earnings of
$10.7 million, or $0.85 per diluted common share, and adjusted
operating loss of $(593) thousand or $(0.04) per diluted common
share.
|
|
|
|
|
Results of Operations |
|
For the Three Months
Ended |
|
For the Year
Ended |
(in thousands, except share data) |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
(unaudited) |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of loans, net |
|
$ |
65,168 |
|
|
$ |
113,158 |
|
|
$ |
36,188 |
|
|
$ |
311,017 |
|
|
$ |
169,206 |
|
|
Real
estate services fees, net |
|
|
1,622 |
|
|
|
2,678 |
|
|
|
1,978 |
|
|
|
8,395 |
|
|
|
9,850 |
|
|
Servicing
income, net |
|
|
5,054 |
|
|
|
3,789 |
|
|
|
2,019 |
|
|
|
13,734 |
|
|
|
6,102 |
|
|
Gain
(loss) on mortgage servicing rights |
|
|
4,808 |
|
|
|
(15,857 |
) |
|
|
(4,422 |
) |
|
|
(36,441 |
) |
|
|
(18,598 |
) |
|
Other |
|
|
598 |
|
|
|
225 |
|
|
|
113 |
|
|
|
1,051 |
|
|
|
397 |
|
|
Total
revenues |
|
|
77,250 |
|
|
|
103,993 |
|
|
|
35,876 |
|
|
|
297,756 |
|
|
|
166,957 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense |
|
|
31,534 |
|
|
|
38,467 |
|
|
|
20,939 |
|
|
|
124,559 |
|
|
|
77,821 |
|
|
Business
promotion |
|
|
11,742 |
|
|
|
10,350 |
|
|
|
8,021 |
|
|
|
42,571 |
|
|
|
27,650 |
|
|
General,
administrative and other |
|
|
10,030 |
|
|
|
7,736 |
|
|
|
7,509 |
|
|
|
33,771 |
|
|
|
27,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion
of contingent consideration |
|
|
1,753 |
|
|
|
1,591 |
|
|
|
2,671 |
|
|
|
6,997 |
|
|
|
8,142 |
|
|
Change in
fair value of contingent consideration |
|
|
(4,424 |
) |
|
|
23,215 |
|
|
|
(17,697 |
) |
|
|
30,145 |
|
|
|
(45,920 |
) |
|
Total
expenses |
|
|
50,635 |
|
|
|
81,359 |
|
|
|
21,443 |
|
|
|
238,043 |
|
|
|
95,681 |
|
|
Operating income: |
|
|
26,615 |
|
|
|
22,634 |
|
|
|
14,433 |
|
|
|
59,713 |
|
|
|
71,276 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss) |
|
|
754 |
|
|
|
1,304 |
|
|
|
(189 |
) |
|
|
2,790 |
|
|
|
1,946 |
|
|
Change in
fair value of long-term debt |
|
|
(7,150 |
) |
|
|
(8,641 |
) |
|
|
— |
|
|
|
(14,436 |
) |
|
|
(8,661 |
) |
|
Change in
fair value of net trust assets |
|
|
(2,913 |
) |
|
|
1,071 |
|
|
|
(2,560 |
) |
|
|
(304 |
) |
|
|
(5,638 |
) |
|
Total
other (expense) income |
|
|
(9,309 |
) |
|
|
(6,266 |
) |
|
|
(2,749 |
) |
|
|
(11,950 |
) |
|
|
(12,353 |
) |
|
Net
earnings before income taxes |
|
|
17,306 |
|
|
|
16,368 |
|
|
|
11,684 |
|
|
|
47,763 |
|
|
|
58,923 |
|
|
Income
tax expense (benefit) |
|
|
365 |
|
|
|
(130 |
) |
|
|
975 |
|
|
|
1,093 |
|
|
|
(21,876 |
) |
|
Net
earnings |
|
$ |
16,941 |
|
|
$ |
16,498 |
|
|
$ |
10,709 |
|
|
$ |
46,670 |
|
|
$ |
80,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares |
|
|
17,479 |
|
|
|
14,403 |
|
|
|
13,654 |
|
|
|
14,856 |
|
|
|
13,045 |
|
|
Diluted
earnings per share |
|
$ |
1.00 |
|
|
$ |
1.18 |
|
|
$ |
0.85 |
|
|
$ |
3.31 |
|
|
$ |
6.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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:
|
|
|
|
|
Adjusted Operating Income |
|
For the Three Months
Ended |
|
For the Year
Ended |
(in thousands, except share data) |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Net earnings |
|
$ |
16,941 |
|
|
$ |
16,498 |
|
|
$ |
10,709 |
|
|
$ |
46,670 |
|
$ |
80,799 |
|
|
Total
other (expense) income |
|
|
9,309 |
|
|
|
6,266 |
|
|
|
2,749 |
|
|
|
11,950 |
|
|
12,353 |
|
|
Income
tax expense (benefit) |
|
|
365 |
|
|
|
(130 |
) |
|
|
975 |
|
|
|
1,093 |
|
|
(21,876 |
) |
|
Operating income |
|
$ |
26,615 |
|
|
$ |
22,634 |
|
|
$ |
14,433 |
|
|
$ |
59,713 |
|
$ |
71,276 |
|
|
Accretion
of contingent consideration |
|
|
1,753 |
|
|
|
1,591 |
|
|
|
2,671 |
|
|
|
6,997 |
|
|
8,142 |
|
|
Change in
fair value of contingent consideration |
|
|
(4,424 |
) |
|
|
23,215 |
|
|
|
(17,697 |
) |
|
|
30,145 |
|
|
(45,920 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income (loss) |
|
$ |
23,944 |
|
|
$ |
47,440 |
|
|
$ |
(593 |
) |
|
$ |
96,855 |
|
$ |
33,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares |
|
|
17,479 |
|
|
|
14,403 |
|
|
|
13,654 |
|
|
|
14,856 |
|
|
13,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted operating income (loss) per
share |
|
$ |
1.37 |
|
|
$ |
3.29 |
|
|
$ |
(0.04 |
) |
|
$ |
6.52 |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income increased to $96.9 million or $6.52
per diluted common share for 2016 as compared to $33.5 million or
$2.56 per diluted common share in 2015. The increase in
operating income of $63.4 million in 2016, as compared to 2015, was
primarily due to an increase in gain on sale of loans of $141.8
million resulting from a 40% increase in volume (as discussed
below) combined with an increase in gain on sale margins of 58
basis point (“bps”) to 241 bps in 2016. This increase in gain
on sale of loans was offset primarily by a loss on mortgage
servicing rights (“MSR”) of $36.4 million in 2016, as discussed
below.
|
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
% Change |
|
12/31/2015 |
|
% Change |
|
Mortgage Servicing
Portfolio (UPB) |
|
$ |
12,351.5 |
|
$ |
9,450.7 |
|
31 |
% |
|
$ |
3,570.7 |
|
246 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2016, the unpaid principal balance (“UPB”) of
the Company’s mortgage servicing portfolio increased to $12.4
billion, a 31% increase from September 30, 2016, which contributed
to the increase in the fair value of our retained MSRs to $131.5
million at December 31, 2016 as compared to $87.4 million at
September 30, 2016.
The gain (loss) on mortgage servicing rights
primarily consists of the following:
|
|
|
|
Gain (loss) on Mortgage Servicing Rights |
For the Three Months
Ended |
|
For the Year
Ended |
(in
thousands) |
December
31, |
|
September 30, |
|
December
31, |
|
December 31, |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Change
in fair value of mortgage servicing rights |
$ |
7,660 |
|
|
$ |
(8,224 |
) |
|
$ |
(2,956 |
) |
|
$ |
(24,388 |
) |
|
$ |
(10,939 |
) |
(Loss)
gain on sale of mortgage servicing rights |
|
(78 |
) |
|
|
(7,532 |
) |
|
|
(1,853 |
) |
|
|
(10,688 |
) |
|
|
(8,046 |
) |
Realized
and unrealized (losses) gains from hedging instruments |
|
(2,774 |
) |
|
|
(101 |
) |
|
|
387 |
|
|
|
(1,365 |
) |
|
|
387 |
|
Gain
(loss) on mortgage servicing rights, net |
$ |
4,808 |
|
|
$ |
(15,857 |
) |
|
$ |
(4,422 |
) |
|
$ |
(36,441 |
) |
|
$ |
(18,598 |
) |
|
During the year ended December 31, 2016, prepayments of the
servicing portfolio were $2.9 billion of UPB. However we
successfully recaptured and refinanced an estimated 76% of these
prepayments.
During the fourth quarter of 2016, we recorded a
$4.8 million gain on MSR, primarily due to a rise in interest rates
in the quarter, which resulted in a mark-to-market (“MTM”) gain of
$7.7 million that was offset by a hedge loss of $2.8
million.
The change in fair value of mortgage servicing
rights in the fourth quarter of 2016, consisted of $4.1 million in
MSR MTM losses due to prepayments offset by a MTM gain at December
31, 2016 of $11.7 million, as a result of an increase in rates
during the fourth quarter of 2016.
During 2016, the $36.4 million loss in MSR was
primarily due to $34.9 million in charges associated with MSR
amortization due to the retention of the servicing portfolio, as
discussed in prior quarters. However, in the fourth quarter, MSR
amortization changes from retention runoff have slowed
substantially due to the rise of interest rates.
The servicing portfolio generated net servicing
income of $5.1 million in the fourth quarter of 2016, a 33%
increase over the third quarter of 2016. Additionally,
delinquencies within the servicing portfolio remain low at 0.25%
for 60+ delinquencies as of December 31, 2016.
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
Q4 2016 |
|
Q3 2016 |
|
% Change |
|
Q4 2015 |
|
% Change |
|
Retail
Originations |
$ |
2,250.4 |
|
$ |
3,273.7 |
|
-31 |
% |
|
$ |
1,203.8 |
|
87 |
% |
|
Correspondent
Originations |
$ |
539.9 |
|
$ |
583.2 |
|
-7 |
% |
|
$ |
392.9 |
|
37 |
% |
|
Wholesale
Originations |
$ |
320.3 |
|
$ |
360.1 |
|
-11 |
% |
|
$ |
342.0 |
|
-6 |
% |
|
Total Originations |
$ |
3,110.6 |
|
$ |
4,217.0 |
|
-26 |
% |
|
$ |
1,938.7 |
|
60 |
% |
|
|
YE 2016 |
|
YE 2015 |
|
% Change |
|
Retail
Originations |
$ |
9,670.1 |
|
$ |
5,571.8 |
|
74 |
% |
|
Correspondent
Originations |
$ |
1,919.9 |
|
$ |
2,238.0 |
|
-14 |
% |
|
Wholesale
Originations |
$ |
1,334.2 |
|
$ |
1,449.2 |
|
-8 |
% |
|
Total Originations |
$ |
12,924.2 |
|
$ |
9,259.0 |
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
During the year ended 2016, total originations increased 40% to
$12.9 billion as compared to $9.3 billion in 2015. In 2016,
retail originations were the main driver of total originations
representing 75% or $9.7 billion of total originations.
Additionally, in 2016, retail originations had a 74% increase over
2015 retail originations. For the fourth quarter of 2016, the
Company’s total originations increased to $3.1 billion, a 60%
increase as compared to $1.9 billion for the fourth quarter of
2015.
|
|
|
|
|
|
|
|
|
|
|
Selected
Operational Data |
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
% Change |
|
12/31/2015 |
|
% Change |
Locked Pipeline |
|
$ |
558.5 |
|
$ |
1,207.6 |
|
-54 |
% |
|
$ |
569.6 |
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2016, our locked pipeline, which
represents mortgages we expect to close in the near future, had
decreased to $558.5 million, a slight decrease from December 31,
2015. This decrease was primarily caused by the recent
increase in interest rates which resulted in decreased refinance
originations.
|
|
|
Summary Balance
Sheet |
December
31, |
|
December
31, |
|
(in thousands) |
|
2016 |
|
|
2015 |
|
ASSETS |
|
|
|
|
|
|
Cash |
$ |
40,096 |
|
$ |
32,409 |
|
Mortgage
loans held-for-sale |
|
388,422 |
|
|
310,191 |
|
Finance
receivables |
|
62,937 |
|
|
36,368 |
|
Mortgage
servicing rights |
|
131,537 |
|
|
36,425 |
|
Securitized mortgage trust assets |
|
4,033,290 |
|
|
4,594,534 |
|
Goodwill
and intangibles |
|
130,716 |
|
|
134,913 |
|
Deferred
tax asset |
|
24,420 |
|
|
24,420 |
|
Other
assets |
|
52,316 |
|
|
41,592 |
|
Total assets |
$ |
4,863,734 |
|
$ |
5,210,852 |
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
Warehouse
borrowings |
$ |
420,573 |
|
$ |
325,616 |
|
Debt |
|
102,082 |
|
|
106,433 |
|
Securitized mortgage trust liabilities |
|
4,017,603 |
|
|
4,580,326 |
|
Contingent consideration |
|
31,072 |
|
|
48,079 |
|
Other
liabilities |
|
61,364 |
|
|
35,908 |
|
Total liabilities |
|
4,632,694 |
|
|
5,096,362 |
|
Total stockholders’equity |
|
231,040 |
|
|
114,490 |
|
Total liabilities and stockholders’
equity |
$ |
4,863,734 |
|
$ |
5,210,852 |
|
|
|
|
|
|
|
|
During the fourth quarter of 2016, we increased the carrying
value of our long-term debt by $7.4 million due to our improved
financial condition as evidenced by better profitability and the
successful public offering in the third quarter of 2016, as
discussed below.
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, acquired in the
first quarter of 2015. The earn-out period ends at the end of
2017. In the fourth quarter of 2016, we updated assumptions
based on current market conditions, resulting in a decrease in
projected volumes of CCM and, in turn, a slightly lower estimated
value of the contingent consideration due to the seller of CCM. As
a result, we recorded a change in the fair value of the contingent
consideration in the fourth quarter decreasing the contingent
consideration liability by $4.4 million over the remaining earn-out
period of four quarters. As required by GAAP, it resulted in
a corresponding increase to earnings of $4.4 million in the fourth
quarter of 2016.
In 2016, the Company was successful in its
objective to start restructuring its balance sheet. In
January of 2016, the Company exercised its option to convert a
portion of its debt into common stock, increasing its book value by
$20 million. Additionally, during 2016, the Company raised
approximately $5 million through an "At the Market Transaction" or
“ATM”, as an opportunistic and accretive way to raise capital.
In September 2016, the Company completed a successful
over-subscribed public offering, providing net proceeds to the
Company of approximately $42.6 million. Lastly, in February
2017, the Company paid off its $30 million working line of credit
and replaced it with an MSR financing facility, an annualized
savings $1.35 million and a 450 bps improvement to its cost of
funds. The Company will seek to continue to restructure its
balance sheet in an accretive manner during 2017.
Mr. Joseph Tomkinson, Chairman and CEO of Impac
Mortgage Holdings, Inc., commented, “2016 proved to be our best
year in over a decade, surpassing our projections with nearly $100
million of Adjusted Operating Income and $13 billion in total
originations. With our strong loan retention capabilities, we were
able to take advantage of the low interest rate environment and
create a low weighted average coupon servicing portfolio. As
a result of the current rising rate environment, our servicing
portfolio continues to increase in value and generate larger
amounts of servicing income. This strategy was the core
reason for our third quarter capital raise, and we are pleased to
be executing this strategy successfully. In 2017, we expect
that a rising rate environment will allow us to substantially grow
our NonQM originations, continue to diversify our product
offerings, and take advantage of the consolidation that is
anticipated in the mortgage lending industry.”
Non-GAAP Financial Measures
This release contains operating income excluding
changes in contingent consideration (Adjusted Operating Income) and
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. Adjusted Operating Income and Adjusted Operating
Income 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 per share excluding these items:
|
|
|
|
|
|
|
For the Three Months
Ended |
|
For the Year
Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
Diluted earnings per share |
|
$ |
1.00 |
|
|
$ |
1.18 |
|
|
$ |
0.85 |
|
|
$ |
3.31 |
|
$ |
6.40 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other income (1) |
|
|
0.50 |
|
|
|
0.40 |
|
|
|
0.14 |
|
|
|
0.64 |
|
|
0.74 |
|
|
Income
tax (benefit) expense |
|
|
0.02 |
|
|
|
(0.01 |
) |
|
|
0.07 |
|
|
|
0.07 |
|
|
(1.68 |
) |
|
Accretion
of contingent consideration |
|
|
0.10 |
|
|
|
0.11 |
|
|
|
0.20 |
|
|
|
0.47 |
|
|
0.62 |
|
|
Change in
fair value of contingent consideration |
|
|
(0.25 |
) |
|
|
1.61 |
|
|
|
(1.30 |
) |
|
|
2.03 |
|
|
(3.52 |
) |
|
Diluted adjusted operating income (loss) per
share |
|
$ |
1.37 |
|
|
$ |
3.29 |
|
|
$ |
(0.04 |
) |
|
$ |
6.52 |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 February
24, 2017, 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
74667184, 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.