Impac Mortgage Holdings, Inc. Announces Appointment of Obi Nwokorie and Joseph Piscina to Board of Directors
September 21 2021 - 4:06PM
Business Wire
Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the
“Company” or “Impac”), announced today that Obi Nwokorie and Joseph
Piscina have been appointed to the Company’s Board of Directors,
effective September 17, 2021, bringing the total number of
directors back to six.
Earlier in the year, on June 1, 2021, the Company named Mr.
Nwokorie EVP, Alternative Credit Products and Chief Investment
Officer. Previously, Mr. Nwokorie served as Managing Director of
mortgage trading at Seer Capital Management LP where he was
responsible for bulk whole loan acquisition and securitization of
Non-QM, NPL and Fix and Flip mortgages. Prior to Seer Capital, Mr.
Nwokorie served in various roles at both Credit Suisse Securities
(USA) LLC and UBS Securities LLC, including subprime and second
lien whole loan trading, head of the asset finance structuring team
and on the new issue syndicate desk.
Mr. Joseph Piscina currently serves as Chief Operating Officer
and partner of The Versant Group, whose funds focus on building and
acquiring investment management businesses that are scalable
through market cycles. Mr. Piscina previously help positions with
Ellington Management Company, Monday Capital Partners, Five Mile
Capital Partners and Natixis. In addition, Mr. Piscina has also
worked for Paine Webber, Kidder Peabody and Drexel Burnham during
his career. Mr. Piscina holds a J.D. from Villanova School of Law
and a B.A from Columbia College.
Mr. George A. Mangiaracina, Chairman and CEO of Impac Mortgage
Holdings, Inc., stated, “These valuable additions to the board
replace two former, long-standing board members who, in 2020,
either did not stand for election or resigned from the board. As
mentioned previously about Obi, he is a seasoned capital markets
expert and his leadership shows the Company’s continued and growing
commitment to the design, origination, and distribution of
alternative credit products. Joe is a decades long structured
finance professional with varied expertise in asset management,
commercial and residential real estate, corporate finance, M&A
activity and a wide range of asset backed securitization
activities.”
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative
mortgage lending and real estate solutions that address the
challenges of today’s economic environment. Impac’s operations
include mortgage 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.
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: impact on the U.S. economy and financial
markets due to the outbreak of the novel coronavirus, and any
adverse impact or disruption to the Company’s operations;
successful development, marketing, sale and financing of new and
existing financial products, including NonQM products; ability to
successfully re-engage in lending activities, recruit and hire
talent to rebuild our TPO NonQM origination team, and increase
NonQM originations; ability to successfully sell loans to
third-party investors; volatility in the mortgage industry;
unexpected interest rate fluctuations and margin compression;
performance of third-party sub-servicers; our ability to manage
personnel expenses in relation to mortgage production levels; our
ability to successfully use warehousing capacity and satisfy
financial covenants; 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 including
cyber risk and data security risk; 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 of any claims we are subject
to, 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; the
effects of any acquisitions or dispositions of assets we may make;
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 our latest Annual Report on Form
10-K and Quarterly Reports on Form 10-Q we file with the Securities
and Exchange Commission and in particular the discussion of “Risk
Factors” therein. This press release 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 except as required by law.
For additional information, questions or comments, please call
Justin Moisio, Chief Administrative Officer at (949) 475-3988 or
email Justin.Moisio@ImpacMail.com. Web site:
http://ir.impaccompanies.com or www.impaccompanies.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210921006065/en/
Justin Moisio, Chief Administrative Officer (949) 475-3988
Justin.Moisio@ImpacMail.com
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