Impac Mortgage Holdings, Inc. (NYSE American:IMH)(the Company)
announces the financial results for the quarter ended June 30,
2018.
For the second quarter of 2018, the Company reported a net
(loss) of $(97.4) million, or $(4.65) per diluted common share, and
adjusted operating (loss) of $(6.6) million, or $(0.31) per diluted
common share, as compared to net earnings of $6.4 million, or $0.32
per diluted common share, and adjusted operating (loss) of $(174)
thousand or $(0.01) per diluted common share, for the second
quarter of 2017.
For the six months ended June 30, 2018, the Company reported a
net (loss) of $(93.5) million, or $(4.46) per diluted common share,
and adjusted operating (loss) of $(2.2) million, or $(0.11) per
diluted common share, as compared to net earnings of $11.1 million,
or $0.62 per diluted common share, and adjusted operating income of
$2.0 million or $0.10 per diluted common share, for the six months
ended June 30, 2017.
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Results of Operations |
For the Three Months
Ended |
|
For the Six Months
Ended |
|
(in thousands, except share data) |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
(unaudited) |
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of loans, net |
$ |
18,741 |
|
|
$ |
21,482 |
|
|
$ |
36,806 |
|
|
$ |
40,223 |
|
|
$ |
74,126 |
|
|
Servicing
fees, net |
|
9,861 |
|
|
|
9,463 |
|
|
|
7,764 |
|
|
|
19,324 |
|
|
|
15,083 |
|
|
Gain
(loss) on mortgage servicing rights, net |
|
167 |
|
|
|
7,705 |
|
|
|
(6,669 |
) |
|
|
7,872 |
|
|
|
(7,646 |
) |
|
Real
estate services fees, net |
|
1,038 |
|
|
|
1,385 |
|
|
|
1,504 |
|
|
|
2,423 |
|
|
|
3,137 |
|
|
Other |
|
116 |
|
|
|
90 |
|
|
|
228 |
|
|
|
207 |
|
|
|
275 |
|
|
Total
revenues |
|
29,923 |
|
|
|
40,125 |
|
|
|
39,633 |
|
|
|
70,049 |
|
|
|
84,975 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense |
|
16,678 |
|
|
|
17,742 |
|
|
|
21,373 |
|
|
|
34,421 |
|
|
|
46,291 |
|
|
Business
promotion |
|
9,000 |
|
|
|
9,731 |
|
|
|
10,110 |
|
|
|
18,730 |
|
|
|
20,341 |
|
|
General,
administrative and other |
|
10,846 |
|
|
|
8,275 |
|
|
|
8,324 |
|
|
|
19,122 |
|
|
|
16,348 |
|
|
Intangible asset impairment |
|
13,450 |
|
|
|
— |
|
|
|
— |
|
|
|
13,450 |
|
|
|
— |
|
|
Goodwill
impairment |
|
74,662 |
|
|
|
— |
|
|
|
— |
|
|
|
74,662 |
|
|
|
— |
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|
Accretion
of contingent consideration |
|
— |
|
|
|
— |
|
|
|
707 |
|
|
|
— |
|
|
|
1,552 |
|
|
Change in
fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
(6,793 |
) |
|
|
— |
|
|
|
(6,254 |
) |
|
Total
expenses |
|
124,636 |
|
|
|
35,748 |
|
|
|
33,721 |
|
|
|
160,385 |
|
|
|
78,278 |
|
|
Operating (loss) income: |
|
(94,713 |
) |
|
|
4,377 |
|
|
|
5,912 |
|
|
|
(90,336 |
) |
|
|
6,697 |
|
|
Other income (expense): |
|
|
|
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|
|
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|
|
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Net
interest income |
|
546 |
|
|
|
1,020 |
|
|
|
1,098 |
|
|
|
1,567 |
|
|
|
1,543 |
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Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(1,265 |
) |
|
|
— |
|
|
|
(1,265 |
) |
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Change in
fair value of long-term debt |
|
258 |
|
|
|
1,224 |
|
|
|
(265 |
) |
|
|
1,481 |
|
|
|
(2,761 |
) |
|
Change in
fair value of net trust assets |
|
217 |
|
|
|
(2,138 |
) |
|
|
2,005 |
|
|
|
(1,921 |
) |
|
|
8,324 |
|
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Total
other income |
|
1,021 |
|
|
|
106 |
|
|
|
1,573 |
|
|
|
1,127 |
|
|
|
5,841 |
|
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Net
(loss) earnings before income taxes |
|
(93,692 |
) |
|
|
4,483 |
|
|
|
7,485 |
|
|
|
(89,209 |
) |
|
|
12,538 |
|
|
Income
tax expense |
|
3,706 |
|
|
|
610 |
|
|
|
1,045 |
|
|
|
4,316 |
|
|
|
1,471 |
|
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Net
(loss) earnings |
$ |
(97,398 |
) |
|
$ |
3,873 |
|
|
$ |
6,440 |
|
|
$ |
(93,525 |
) |
|
$ |
11,067 |
|
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Other comprehensive (loss) earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Change in
fair value of instrument specific credit risk |
|
(526 |
) |
|
|
(1,440 |
) |
|
|
— |
|
|
|
(1,965 |
) |
|
|
— |
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|
Total
comprehensive (loss) earnings |
$ |
(97,924 |
) |
|
$ |
2,433 |
|
|
$ |
6,440 |
|
|
$ |
(95,490 |
) |
|
$ |
11,067 |
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Diluted
weighted average common shares |
|
20,964 |
|
|
|
21,102 |
|
|
|
21,258 |
|
|
|
20,958 |
|
|
|
19,377 |
|
|
Diluted
(loss) earnings per share |
$ |
(4.65 |
) |
|
$ |
0.18 |
|
|
$ |
0.32 |
|
|
$ |
(4.46 |
) |
|
$ |
0.62 |
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Net (loss) earnings as well as adjusted operating (loss) income
for the second quarter of 2018 decreased due to a decline in
revenue from gain on sale of loans, net, as a result of a decrease
in origination volumes as well as a reduction in margins.
Gain on sale margins decreased by 24 basis points (bps) to 181 bps
in the second quarter of 2018, as compared to 205 bps in the second
quarter of 2017 reflecting margin compression resulting from the
historically low interest rate environment, in which the Company
was able to generate significantly larger volume with wide gain on
sale margins. Additionally, as a result of the continued
downward pressure in the mortgage origination market causing
further compression of margins and declines in volume, combined
with a shift in the consumer direct strategy implemented by our new
management team, we recorded an $88.1 million impairment charge
related to $13.4 million in intangible asset impairment and $74.7
million in goodwill impairment during the second quarter of 2018,
as further described below.
As part of the CashCall Mortgage (“CCM”) acquisition, we
recorded goodwill of $104.6 million, which is evaluated on a
quarterly basis for impairment. Prior to the fourth quarter
of 2017, the estimated fair value of CCM substantially exceeded its
carrying value. As of December 31, 2017 and March 31, 2018,
we performed goodwill impairment evaluations for this reporting
unit and determined that there was no impairment.
As previously disclosed in our quarterly and annual reports, CCM
has continued to experience declines in mortgage refinancing
originations and margin compression, primarily a result of
sustained increases in market interest rates from a historically
low interest rate environment. In addition, the business model of
CCM has led to additional margin compression through adverse demand
from investors, as a result of the borrowers propensity to
refinance. The CCM brand has also experienced a material loss
in value resulting from 1) the aforementioned adverse treatment
from capital market participants for loans produced by the
reporting unit, 2) consumer uncertainty due to the use of a similar
brand name by an unaffiliated financial services company and 3)
substantial deterioration in brand awareness. In light of
these developments, our new management team has shifted the
consumer direct strategy and long-term business plans for CCM,
which has resulted in significant reductions in the anticipated
future cash flows and estimated fair value for this reporting
unit. Using this updated information, we performed an
impairment test to evaluate the CCM goodwill and intangible assets
for impairment. As a result, we recorded an impairment charge
of $74.7 million related to goodwill and $13.4 million related to
intangible assets during the quarter ended June 30, 2018. If
actual results continue to deteriorate, it is possible that an
assessment of the estimated fair value of CCM will not exceed its
carrying value in the future, in which case further impairment of
goodwill will be recorded. Partially offsetting the decline in gain
on sale revenues was an increase in servicing fees, net, and a
mark-to-market gain on mortgage servicing rights (“MSRs”), as well
as a decrease in personnel expenses.
Personnel expense decreased 22%, or $4.7 million, to $16.7
million for the second quarter of 2018. The decrease is
primarily related to staff reductions in the first and second
quarters of 2018 as well as a reduction in commission expense due
to a decrease in loan originations. As a result of the
reduction in loan origination volumes, we continue to reduce
overhead to more closely align staffing levels to origination
volumes in the current economic environment. As a result of the
staff reductions in the second quarter of 2018, average headcount
decreased 21% for the second quarter of 2018 as compared to the
same period in 2017.
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Servicing
Portfolio Data |
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|
(in millions) |
|
|
|
|
|
|
|
|
|
|
As of June 30, 2018 |
|
As of March 31, 2018 |
|
% Change |
|
As of June 30, 2017 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
Mortgage Servicing
Portfolio (UPB) |
$16,786.1 |
|
$16,751.8 |
|
0% |
|
$14,667.9 |
|
14% |
|
|
|
|
|
|
|
|
|
|
Mortgage Servicing
Rights |
$180.7 |
|
$174.1 |
|
4% |
|
$152.3 |
|
19% |
|
|
|
|
|
|
|
|
|
|
|
Q2 2018 |
|
Q1 2018 |
|
% Change |
|
Q2 2017 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
Servicing Fees,
Net |
$9.9 |
|
$9.5 |
|
4% |
|
$7.8 |
|
27% |
|
|
|
|
|
|
|
|
|
|
The mortgage servicing portfolio remained flat at $16.8 billion
at June 30, 2018 as compared to March 31, 2018 but increased from
$14.7 billion at June 30, 2017. During 2018, we have
continued with our strategy of selectively growing the mortgage
servicing portfolio although we have also increased whole loan
sales on a servicing released basis to investors. During the three
months ended June 30, 2018, the mortgage servicing portfolio
increased due to servicing retained loan sales of $592.8 million in
unpaid principal balance (“UPB”), which was reduced by run-off from
prepayments and principal amortization.
The servicing portfolio generated net servicing income of $9.9
million in the second quarter of 2018, a 27% increase over the net
servicing fees of $7.8 million in the second quarter of
2017.
For the three months ended June 30, 2018, gain on MSRs, net, was
$167 thousand compared to a loss of $6.7 million in the comparable
2017 period. For the three months ended June 30, 2018, we recorded
a $393 thousand gain from a change in fair value of MSRs primarily
the result of mark-to-market changes related to an increase in
interest rates resulting in a reduction in prepayment speeds
partially offset by an increase in scheduled and voluntary
prepayments. Partially offsetting the gain was $226 thousand
in realized and unrealized losses from hedging instruments related
to MSRs.
Delinquencies within the servicing portfolio have remained low
at 0.81% for 60+ days delinquent as of June 30, 2018 and December
31, 2017.
|
Origination
Data |
|
|
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|
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|
(in millions) |
|
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|
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|
Q2 2018 |
|
Q1 2018 |
|
% Change |
|
Q2 2017 |
|
% Change |
Retail
Originations |
$459.9 |
|
$631.1 |
|
-27% |
|
$1,186.8 |
|
-61% |
Correspondent
Originations |
$374.9 |
|
$479.6 |
|
-22% |
|
$305.8 |
|
23% |
Wholesale
Originations |
$199.4 |
|
$209.4 |
|
-5% |
|
$301.0 |
|
-34% |
Total Originations |
$1,034.2 |
|
$1,320.1 |
|
-22% |
|
$1,793.6 |
|
-42% |
|
|
|
|
|
|
|
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|
During the second quarter of 2018, total originations decreased
22% to $1.0 billion as compared to $1.3 billion in the first
quarter of 2018 and decreased 42% as compared to $1.8 billion in
the second quarter of 2017. The decrease in originations
compared to the first quarter of 2018 and second quarter of 2017
was a result of higher interest rates. From January 2017
through the second quarter of 2018, interest rates have increased
125 bps from the historically low interest rate environment the
previous years, causing a sharp drop in refinance volume which has
been the primary source of our retail originations.
In the second quarter of 2018, the origination volume of NonQM
loans increased to $306.1 million, as compared to $248.2 million in
the first quarter of 2018 and $232.5 million in the second quarter
of 2017. In the second quarter of 2018, the retail
channel accounted for 25% of NonQM originations, while the
wholesale and correspondent channels accounted for 75% of NonQM
production. In the first quarter of 2018, the retail channel
accounted for 23% of NonQM originations, while the wholesale and
correspondent channels accounted for 77% of NonQM production.
For the second quarter of 2018, our NonQM origination volume had
an average FICO of 721 and a weighted average LTV of 67%.
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Summary Balance
Sheet |
|
|
June 30, |
|
|
December 31, |
|
(in thousands, except
per share data) |
|
|
2018 |
|
|
2017 |
|
ASSETS |
|
|
|
|
|
|
|
Cash |
|
|
$ |
32,960 |
|
|
$ |
33,223 |
|
Mortgage
loans held-for-sale |
|
|
|
481,291 |
|
|
|
568,781 |
|
Finance
receivables |
|
|
|
37,215 |
|
|
|
41,777 |
|
Mortgage
servicing rights |
|
|
|
180,733 |
|
|
|
154,405 |
|
Securitized mortgage trust assets |
|
|
|
3,409,477 |
|
|
|
3,670,550 |
|
Goodwill
and intangibles |
|
|
|
35,958 |
|
|
|
126,169 |
|
Loans
eligible repurchase from Ginnie Mae |
|
|
|
60,488 |
|
|
|
47,697 |
|
Other
assets |
|
|
|
28,100 |
|
|
|
39,098 |
|
Total assets |
|
|
$ |
4,266,222 |
|
|
$ |
4,681,700 |
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Warehouse
borrowings |
|
|
$ |
482,546 |
|
|
$ |
575,363 |
|
Debt |
|
|
|
132,766 |
|
|
|
105,089 |
|
Securitized mortgage trust liabilities |
|
|
|
3,393,721 |
|
|
|
3,653,265 |
|
Loans
eligible repurchase from Ginnie Mae |
|
|
|
60,488 |
|
|
|
47,697 |
|
Contingent consideration |
|
|
|
- |
|
|
|
554 |
|
Other
liabilities |
|
|
|
33,952 |
|
|
|
34,585 |
|
Total liabilities |
|
|
|
4,103,473 |
|
|
|
4,416,553 |
|
Total equity |
|
|
|
162,749 |
|
|
|
265,147 |
|
Total liabilities and stockholders’
equity |
|
|
$ |
4,266,222 |
|
|
$ |
4,681,700 |
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
|
7.74 |
|
|
|
12.66 |
|
|
|
|
|
|
|
|
|
Mr. George Mangiaracina, Chairman and CEO of Impac Mortgage
Holdings, Inc., stated, “We recognize that these are challenging
times for residential mortgage originators, but our senior
management team is up to the challenge and optimistic about our
competitive positioning in the market. We are
encouraged by the continued resilience provided by our MSR
portfolio, and the progress we have made in repositioning the
consumer direct business model. We continue to be enthused about
the positive forward momentum we have created across all of our
channels with respect to our NonQM business, which will be a key
driver for our future success.”
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 and impairment of goodwill and intangible
assets (“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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income (Loss) |
|
For the Three Months
Ended |
|
For the Six Months
Ended |
|
(in thousands, except share data) |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net (loss) earnings: |
|
$ |
(97,398 |
) |
|
$ |
3,873 |
|
|
$ |
6,440 |
|
|
$ |
(93,525 |
) |
|
$ |
11,067 |
|
|
Total
other (income) expense |
|
|
(1,021 |
) |
|
|
(106 |
) |
|
|
(1,573 |
) |
|
|
(1,127 |
) |
|
|
(5,841 |
) |
|
Income
tax expense |
|
|
3,706 |
|
|
|
610 |
|
|
|
1,045 |
|
|
|
4,316 |
|
|
|
1,471 |
|
|
Operating (loss) income: |
|
$ |
(94,713 |
) |
|
$ |
4,377 |
|
|
$ |
5,912 |
|
|
$ |
(90,336 |
) |
|
$ |
6,697 |
|
|
Intangible asset impairment |
|
|
13,450 |
|
|
|
— |
|
|
|
— |
|
|
|
13,450 |
|
|
|
— |
|
|
Goodwill
impairment |
|
|
74,662 |
|
|
|
— |
|
|
|
— |
|
|
|
74,662 |
|
|
|
— |
|
|
Accretion
of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
707 |
|
|
|
— |
|
|
|
1,552 |
|
|
Change in
fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
(6,793 |
) |
|
|
— |
|
|
|
(6,254 |
) |
|
Adjusted operating
(loss) income |
|
$ |
(6,601 |
) |
|
$ |
4,377 |
|
|
$ |
(174 |
) |
|
$ |
(2,224 |
) |
|
$ |
1,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted average common shares |
|
|
20,964 |
|
|
|
21,102 |
|
|
|
21,258 |
|
|
|
20,958 |
|
|
|
19,377 |
|
|
Diluted adjusted operating (loss) income per
share |
|
$ |
(0.31 |
) |
|
$ |
0.21 |
|
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This release contains operating (loss) income excluding changes
in contingent consideration and impairment of goodwill and
intangible assets (“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:
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Diluted (loss) earnings per share |
|
$ |
(4.65) |
|
$ |
0.18 |
|
$ |
0.32 |
|
$ |
(4.46) |
|
$ |
0.62 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other (income) expense (1) |
|
|
(0.05) |
|
|
(0.01) |
|
|
(0.09) |
|
|
(0.05) |
|
|
(0.36) |
Income
tax expense |
|
|
0.19 |
|
|
0.04 |
|
|
0.05 |
|
|
0.20 |
|
|
0.08 |
Intangible asset impairment |
|
|
0.64 |
|
|
— |
|
|
— |
|
|
0.64 |
|
|
— |
Goodwill
impairment |
|
|
3.56 |
|
|
— |
|
|
— |
|
|
3.56 |
|
|
— |
Accretion
of contingent consideration |
|
|
— |
|
|
— |
|
|
0.03 |
|
|
— |
|
|
0.08 |
Change in
fair value of contingent consideration |
|
|
— |
|
|
— |
|
|
(0.32) |
|
|
— |
|
|
(0.32) |
Diluted adjusted operating (loss) income per
share |
|
$ |
(0.31) |
|
$ |
0.21 |
|
$ |
(0.01) |
|
$ |
(0.11) |
|
$ |
0.10 |
(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 August 9, 2018, at
6:00 a.m. Pacific Time (9:00 a.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
7280807, 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: 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 loan products; decrease in our mortgage servicing
portfolio; ability to continue to grow the servicing portfolio;
ability to successfully sell loans to third-party investors;
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, SVP 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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