Impac Mortgage Holdings, Inc. (NYSE American:IMH) announces the
financial results for the quarter and year ended December 31,
2017.
2017 Financial Results
For the year ended December 31, 2017, the Company reported net
(loss) of $(31.5) million, or $(1.62) per diluted common share, and
Adjusted Operating (Loss) (as defined below) of $(29.0) million, or
$(1.49) per diluted common share. For the year ended December
31, 2016, the Company reported net earnings of $46.7 million, or
$3.31 per diluted common share, and Adjusted Operating Income of
$96.9 million, or $6.52 per diluted common share.
For the quarter ended December 31, 2017, the Company reported
net (loss) of $(44.9) million, or $(2.14) per diluted common share,
and Adjusted Operating (Loss) of $(31.1) million, or $(1.48) per
diluted common share. For the quarter ended December 31,
2016, the Company reported 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.
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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, |
|
December 31, |
(unaudited) |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of loans, net |
|
$ |
19,545 |
|
|
$ |
42,476 |
|
|
$ |
65,168 |
|
|
$ |
136,147 |
|
|
$ |
311,017 |
|
|
$ |
169,206 |
|
Real
estate services fees, net |
|
|
1,364 |
|
|
|
1,355 |
|
|
|
1,622 |
|
|
|
5,856 |
|
|
|
8,395 |
|
|
|
9,850 |
|
Servicing
fees, net |
|
|
8,327 |
|
|
|
8,492 |
|
|
|
5,054 |
|
|
|
31,902 |
|
|
|
13,734 |
|
|
|
6,102 |
|
(Loss) Income on mortgage servicing rights, net |
|
(17,721 |
) |
|
|
(10,513 |
) |
|
|
4,808 |
|
|
|
(35,880 |
) |
|
|
(36,441 |
) |
|
|
(18,598 |
) |
Other |
|
|
140 |
|
|
|
266 |
|
|
|
598 |
|
|
|
680 |
|
|
|
1,051 |
|
|
|
397 |
|
Total
revenues |
|
|
11,655 |
|
|
|
42,076 |
|
|
|
77,250 |
|
|
|
138,705 |
|
|
|
297,756 |
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|
|
166,957 |
|
Expenses: |
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|
|
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|
|
|
|
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|
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Personnel
expense |
|
|
20,294 |
|
|
|
23,062 |
|
|
|
31,534 |
|
|
|
89,647 |
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|
|
124,559 |
|
|
|
77,821 |
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Business
promotion |
|
|
9,532 |
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|
|
10,403 |
|
|
|
11,742 |
|
|
|
40,276 |
|
|
|
42,571 |
|
|
|
27,650 |
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General,
administrative and other |
|
|
12,931 |
|
|
|
8,497 |
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|
|
10,030 |
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|
|
37,775 |
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|
|
33,771 |
|
|
|
27,988 |
|
Accretion
of contingent consideration |
|
|
109 |
|
|
|
396 |
|
|
|
1,753 |
|
|
|
2,058 |
|
|
|
6,997 |
|
|
|
8,142 |
|
Change in
fair value of contingent consideration |
|
|
(2,273 |
) |
|
|
(4,798 |
) |
|
|
(4,424 |
) |
|
|
(13,326 |
) |
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|
30,145 |
|
|
|
(45,920 |
) |
Total
expenses |
|
|
40,593 |
|
|
|
37,560 |
|
|
|
50,635 |
|
|
|
156,430 |
|
|
|
238,043 |
|
|
|
95,681 |
|
Operating (loss) income: |
|
|
(28,938 |
) |
|
|
4,516 |
|
|
|
26,615 |
|
|
|
(17,725 |
) |
|
|
59,713 |
|
|
|
71,276 |
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Other income (expense): |
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|
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|
|
|
|
|
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Net
interest income |
|
|
1,253 |
|
|
|
1,546 |
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|
|
754 |
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|
|
4,343 |
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|
|
2,790 |
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|
|
1,946 |
|
Loss on
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,265 |
) |
|
|
|
|
|
— |
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Change in
fair value of long-term debt |
|
|
(292 |
) |
|
|
104 |
|
|
|
(7,150 |
) |
|
|
(2,949 |
) |
|
|
(14,436 |
) |
|
|
(8,661 |
) |
Change in
fair value of net trust assets |
|
|
(365 |
) |
|
|
(1,745 |
) |
|
|
(2,913 |
) |
|
|
6,213 |
|
|
|
(304 |
) |
|
|
(5,638 |
) |
Total
other income (expense) |
|
|
596 |
|
|
|
(95 |
) |
|
|
(9,309 |
) |
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|
6,342 |
|
|
|
(11,950 |
) |
|
|
(12,353 |
) |
Net
(loss) earnings before income taxes |
|
|
(28,342 |
) |
|
|
4,421 |
|
|
|
17,306 |
|
|
|
(11,383 |
) |
|
|
47,763 |
|
|
|
58,923 |
|
Income
tax expense (benefit) |
|
|
16,563 |
|
|
|
2,104 |
|
|
|
365 |
|
|
|
20,138 |
|
|
|
1,093 |
|
|
|
(21,876 |
) |
Net
(loss) earnings |
|
$ |
(44,905 |
) |
|
$ |
2,317 |
|
|
$ |
16,941 |
|
|
$ |
(31,521 |
) |
|
$ |
46,670 |
|
|
$ |
80,799 |
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Diluted
weighted average common shares |
|
|
20,949 |
|
|
|
21,195 |
|
|
|
17,479 |
|
|
|
19,438 |
|
|
|
14,856 |
|
|
|
13,045 |
|
Diluted
(loss) earnings per share |
|
$ |
(2.14 |
) |
|
$ |
0.11 |
|
|
$ |
1.00 |
|
|
$ |
(1.62 |
) |
|
$ |
3.31 |
|
|
$ |
6.40 |
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Summary of Key Highlights
- Servicing portfolio increased 32% to $16.3 billion at December
31, 2017, resulting in an 132% increase in servicing fees, net to
$31.9 million in 2017 from $13.7 million in 2016.
- As of December 31, 2017, the CashCall Mortgage earn out has
concluded, with the final earn-out payment of approximately $550
thousand made in February 2018, and beginning in 2018, we will
retain 100% of the CashCall Mortgage earnings.
- During 2017, the origination volume of NonQM loans increased to
208% to $891.2 million, as compared to $289.6 million for
2016.
- During 2017, total originations decreased 45% to $7.1 billion
as compared to $12.9 billion in 2016 and accordingly, staffing
levels were reduced, decreasing personnel expense in 2017 by $34.9
million to $89.6 million.
- Income tax expense increased by $19.0 million in 2017 to $20.1
million from $1.1 million in 2016 due to a change in deferred tax
asset valuation allowance related to change in tax laws at the end
of 2017.
- The loss on mortgage servicing rights (“MSRs”) in 2017 includes
an $8.7 million decline in estimated fair value of MSRs, primarily
resulting from mark-to-market changes from changes in interest
rates and prepayment speed assumptions; however, in the first
quarter of 2018, interest rates have risen resulting in an increase
in the fair value of MSRs.
Net (loss) and Adjusted Operating (Loss) for the year ended 2017
decreased primarily due to the decline in gain on sale of loans,
which declined $174.9 million in 2017 from 2016. Originations
volume declined 45% in 2017 to $7.1 billion from $12.9 billion in
2016, and gain on sale margins declined approximately 20% to 191
bps in 2017 from 241 bps in 2016, resulting in gain on sale of
loans declining 56% to $136.1 million in 2017 from $311.0 million
in 2016.
Partially offsetting the 2017 decline in gain on sale revenues
was an increase in servicing fees, net and a decrease in operating
expenses. The servicing portfolio increased 32% to $16.3
billion at the end of 2017 from $12.4 billion at the end of 2016,
resulting in an increase in servicing fees, net of 132% to $31.9
million in 2017 from $13.7 million in 2016.
Additionally, personnel expense decreased 28% by $34.9 million
to $89.6 million for the year ended December 31, 2017. The
decrease is primarily related to a reduction in commission expense
due to a decrease in loan originations as well as staff reductions
made in 2017. Because of the decline in origination volumes
in 2017, we made staff reductions, which reduced average headcount
by 15% for the year ended December 31, 2017 as compared to the same
period in 2016. As we continue to more closely align
operating and staffing levels to origination volumes, we will
continue to right size the organization during 2018.
Net (loss) for 2017 was also affected by an increase in income
tax expense and changes in the estimated fair value of mortgage
servicing rights, long term debt and net trust assets, all of which
are non-cash items. Income tax expense increased by $19.0
million in 2017 to $20.1 million from $1.1 million in 2016 due to a
change in the U.S. income tax laws enacted by Congress at the end
of 2017, discussed below. As a result, the deferred tax asset
valuation allowance was revised.
The loss on MSRs in 2017 includes an $8.7 million decline in
estimated fair value of MSRs primarily resulting from
mark-to-market changes from changes in interest rates and
prepayment speed assumptions. The change in the estimated
fair value of long-term debt and net trust assets resulted in a
favorable change in other income of $18.3 million to $6.3 million
in 2017 from $(12.0) million in 2016.
Beginning in early 2016, we began to retain servicing, for the
most part, by selling loans on a service-retained basis. As a
result, the unpaid principal balance (“UPB”) of the Company’s
mortgage servicing portfolio increased by 32% to $16.3 billion as
of December 31, 2017 from $12.4 billion as of December 31,
2016. The servicing portfolio generated net servicing fees of
$31.9 million in 2017, a 132% increase over the net servicing fees
of $13.7 million in 2016. Delinquencies within the servicing
portfolio remain low at 0.81% for 60+ day delinquencies as of
December 31, 2017.
For the year, ended December 31, 2017, loss on MSRs was $35.9
million compared to $36.4 million in 2016. The loss on MSRs
in 2017 was mainly due to a change in fair value of MSRs primarily
the result of mark-to-market changes related to amortization as
well as an increase in prepayment speed assumptions.
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Origination
Data |
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(in millions) |
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|
Q4 2017 |
Q3 2017 |
% Change |
Q4 2016 |
% Change |
Retail
Originations |
$932.3 |
$1,426.2 |
-35% |
$2,250.4 |
-59% |
Correspondent
Originations |
$467.0 |
$376.4 |
24% |
$539.9 |
-14% |
Wholesale
Originations |
$254.5 |
$281.7 |
-10% |
$320.3 |
-21% |
Total Originations |
$1,653.8 |
$2,084.3 |
-21% |
$3,110.6 |
-47% |
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|
YE 2017 |
YE 2016 |
% Change |
|
|
Retail
Originations |
$4,611.5 |
$9,670.1 |
-52% |
|
|
Correspondent
Originations |
$1,420.4 |
$1,919.9 |
-26% |
|
|
Wholesale
Originations |
$1,079.8 |
$1,334.2 |
-19% |
|
|
Total Originations |
$7,111.7 |
$12,924.2 |
-45% |
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|
During 2017, total originations decreased 45% to $7.1 billion as
compared to $12.9 billion in 2016. The decrease in
originations from 2016 was primarily a result of higher interest
rates during 2017 as compared to the historically low interest rate
environment the previous year, causing a sharp drop in refinance
volume.
In 2017, NonQM and government-insured originations represented
approximately 41% of total originations, as compared to just 16% of
total originations in 2016. During 2017, the origination volume of
NonQM loans increased to $891.2 million, as compared to $289.6
million of NonQM production for 2016. In 2017, the retail
channel accounted for 32% of NonQM originations while the wholesale
and correspondent channels accounted for 68% of NonQM production,
as compared to 2016, when the retail channel accounted for just 19%
of NonQM originations, while the wholesale and correspondent
channels accounted for 81% of NonQM production.
On December 22, 2017, the U.S. government enacted the Tax Cuts
and Jobs Act (Tax Act), reducing the U.S. corporate income tax rate
from a maximum of 35% to a flat 21% rate, effective January 1,
2018. Because of the reduction in the U.S. corporate income tax
rate, we re-measured our ending net deferred tax assets at December
31, 2017, resulting in an income tax expense of $20.1 million for
the year ended December 31, 2017.
As of December 31, 2017, the CashCall Mortgage earn out has
concluded. Beginning in 2018, we will retain 100% of the
CashCall Mortgage earnings with our final earn out payment of
approximately $550 thousand made in February 2018.
Management Changes
Today, the Company is announcing that Joseph R. Tomkinson will
be stepping down from the position of Chairman and Chief Executive
Officer, as of July 31, 2018. Mr. Tomkinson will remain a
director on the Company’s Board of Directors. In November
2017, the Company announced that William S. Ashmore, President, had
elected not to renew his contract, which expired at the end of
2017.
The Company is pleased to announce that the Board of Directors
has appointed George A. Mangiaracina as President. At the
time in which Mr. Tomkinson steps down, the Board of Directors,
anticipate appointing Mr. Mangiaracina as Chief Executive
Officer. Mr. Mangiaracina joined the firm’s senior management
team as Executive Vice President and Managing Director in January
of 2015.
Additionally, the Company is also announcing that it has named
Rian Furey its Chief Operating Officer, in addition to his current
role with the Company. The Company hired Mr. Furey in
December of 2017 as President of Direct Lending.
Mr. Tomkinson, Chairman and CEO of Impac Mortgage Holdings,
Inc., commented, “When we took Impac public in 1995, I could never
have imagined what a tremendous journey we would all be embarking
on. Through the good times and the difficult times, I have
always tried to do what is in the best interest of our shareholders
and employees. Looking back, I can honestly say that I have
given Impac all that I have and am very proud of what we have
accomplished. When we hired George Mangiaracina in 2015, the
Company began to prepare the Company’s succession plan. George has
been part of the Impac family since its inception. From being
one of the bankers involved with taking the Company public in 1995,
to providing the Company with its first warehouse line of credit,
helping the Company navigate the financial crisis of 2007, and
finally being the architect of the CashCall Mortgage transaction,
George has been an integral part of the Company for over 22
years. It gives me great pride to be able to turn the
Company over to George and so many of our talented young leaders,
enabling them to grow the Company into their own vision. I’ll
continue to provide leadership in whatever capacity is needed as I
maintain my position on Impac’s Board of Directors.”
Mr. Mangiaracina, President of Impac Mortgage Holdings, Inc.,
stated, “Joe, thank you for your commitment and dedication to the
Impac family. I am pleased to have earned the Board of
Director’s and your confidence to lead the Company in the
future. In this endeavor, I will be guided by the core
principles you have instilled in this organization; integrity,
indomitable spirit, respect for employees and counterparts, and
creation of shareholder value. On a personal note, what will
endure is our friendship. For over two decades, I have benefited
from your counsel and wisdom, and have gained immeasurable lessons
in life as well as business. For this, I am forever
grateful.”
Non-GAAP Financial Measures
Net earnings include certain fair value adjustments, which are
non-cash items and are not related to current operating
results. Operating income, excluding the changes in
contingent consideration (“Adjusted Operating (Loss) Income”), is
considered a non-GAAP financial measurement; see the discussion and
reconciliation of non-GAAP financial measures below. Although we
are required by GAAP to record these fair value adjustments,
management believes Adjusted Operating (Loss) Income as defined
above is more useful to discuss the ongoing and future operations
of the Company, shown in the table below:
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Adjusted Operating (Loss) 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, |
|
December 31, |
|
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2015 |
Net (loss) earnings: |
|
$ |
(44,905 |
) |
|
$ |
2,317 |
|
|
$ |
16,941 |
|
|
$ |
(31,521 |
) |
|
$ |
46,670 |
|
|
$ |
80,799 |
|
Total
other (income) expense |
|
|
(596 |
) |
|
|
95 |
|
|
|
9,309 |
|
|
|
(6,342 |
) |
|
|
11,950 |
|
|
|
12,353 |
|
Income
tax expense (benefit) |
|
|
16,563 |
|
|
|
2,104 |
|
|
|
365 |
|
|
|
20,138 |
|
|
|
1,093 |
|
|
|
(21,876 |
) |
Operating (loss) income: |
|
$ |
(28,938 |
) |
|
$ |
4,516 |
|
|
$ |
26,615 |
|
|
$ |
(17,725 |
) |
|
$ |
59,713 |
|
|
$ |
71,276 |
|
Accretion
of contingent consideration |
|
|
109 |
|
|
|
396 |
|
|
|
1,753 |
|
|
|
2,058 |
|
|
|
6,997 |
|
|
|
8,142 |
|
Change in
fair value of contingent consideration |
|
|
(2,273 |
) |
|
|
(4,798 |
) |
|
|
(4,424 |
) |
|
|
(13,326 |
) |
|
|
30,145 |
|
|
|
(45,920 |
) |
Adjusted operating (loss) income |
|
$ |
(31,102 |
) |
|
$ |
114 |
|
|
$ |
23,944 |
|
|
$ |
(28,993 |
) |
|
$ |
96,855 |
|
|
$ |
33,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares |
|
|
20,949 |
|
|
|
21,195 |
|
|
|
17,479 |
|
|
|
19,438 |
|
|
|
14,856 |
|
|
|
13,045 |
|
Diluted adjusted operating (loss) income per
share |
|
$ |
(1.48 |
) |
|
$ |
0.01 |
|
|
$ |
1.37 |
|
|
$ |
(1.49 |
) |
|
$ |
6.52 |
|
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This release contains operating income excluding changes in
contingent consideration (“Adjusted Operating (Loss) 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 (Loss) Income and Adjusted
Operating (Loss) 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 earnings per share (EPS) prepared in accordance
with GAAP. The table below shows operating income per share
excluding these items:
|
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
For the Year
Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2015 |
|
Diluted (loss) earnings per share |
|
$ |
(2.14 |
) |
|
$ |
0.11 |
|
|
$ |
1.00 |
|
|
$ |
(1.62 |
) |
|
$ |
3.31 |
|
$ |
6.40 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other (expense) income (1) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
0.50 |
|
|
|
(0.33 |
) |
|
|
0.64 |
|
|
0.74 |
|
|
Income
tax expense (benefit) |
|
|
0.79 |
|
|
|
0.10 |
|
|
|
0.02 |
|
|
|
1.04 |
|
|
|
0.07 |
|
|
(1.68 |
) |
|
Accretion
of contingent consideration |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.10 |
|
|
|
0.11 |
|
|
|
0.47 |
|
|
0.62 |
|
|
Change in
fair value of contingent consideration |
|
|
(0.11 |
) |
|
|
(0.22 |
) |
|
|
(0.25 |
) |
|
|
(0.69 |
) |
|
|
2.03 |
|
|
(3.52 |
) |
|
Diluted adjusted operating (loss) income per
share |
|
$ |
(1.48 |
) |
|
$ |
0.01 |
|
|
$ |
1.37 |
|
|
$ |
(1.49 |
) |
|
$ |
6.52 |
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Except for when anti-dilutive, convertible debt
interest expense, net of tax is included for calculating diluted
EPS and is excluded for purposes of reconciling GAAP diluted EPS to
non-GAAP diluted adjusted operating (loss) income per share.
Conference Call
The Company will hold a conference call on March 15, 2018, 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
5784309, 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,”
“desire,” 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 increase origination
volume in each of our origination channels and ability to
successfully leverage our 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 NonQM loan originations and conventional and
government-insured loan programs; inability to successfully reduce
prepayments on our mortgage loans; ability to successfully
diversify our mortgage products; ability to continue to grow the
servicing portfolio; 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; 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
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