Profile: Impac Mortgage Holdings Inc (IMH)
21 Aug 2019
Impac Mortgage Holdings, Inc., incorporated on August 28, 1995, is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. The Company's Corporate segment includes all corporate services groups, including information technology, human resources, legal, facilities, accounting, treasury and corporate administration. It originates, sells and services residential mortgage loans. It originates conventional mortgage loans eligible for sale to the United States Government-sponsored enterprises (GSEs), including Fannie Mae, Freddie Mac (conventional loans) and government-insured mortgage loans eligible for government securities issued through Ginnie Mae (government loans). It operates as a residential mortgage lender and is focused on its mortgage lending platform providing conventional and government-insured mortgage loans.
The Company originates, sells and services conventional, conforming agency and Government insured residential mortgage loans originated or acquired through its approximately three channels: correspondent, wholesale and retail. Its mortgage lending operation generates origination and processing fees, net of origination costs, at the time of origination, as well as gains or unexpected losses when the loans are sold to third-party investors, including the GSEs and Ginnie Mae. Its mortgage lending activities consist of the origination, sale and servicing of conventional loans eligible for sale to Fannie Mae and Freddie Mac, and government-insured loans eligible for Ginnie Mae securities issuance. It originates and fund mortgages through its subsidiary, Impac Mortgage Corp (IMC). Its loan products include conventional loans eligible for sale to Fannie Mae and Freddie Mac and loans eligible for government insurance (government loans) by Federal Housing Administration (FHA), Veteran's Administration (VA), the United States Department of Agriculture (USDA) and Nonqualified mortgage (NonQM).
Real Estate Services
The Company provides loss mitigation and recovery services on its long-term mortgage portfolio, including default surveillance, loan modification services, short sale services, real estate owned (REO) surveillance and disposition services and monitoring, reconciling and reporting services for residential and multifamily mortgage portfolios. It offers default surveillance and loss recovery services for residential and multifamily mortgage portfolios (long-term mortgage portfolio) for loan servicers and investors to assist them with overall portfolio performance. It offers loan modification solutions to individual borrowers.
The Company provides REO surveillance and disposition services to portfolio managers and servicers to assist them with improving portfolio performance. It also provides short sale services on pre-foreclosure properties for servicers, investors and institutions with distressed and delinquent residential and multifamily mortgage portfolios, these services also includes real estate brokerage services. It offers monitoring, reconciling and reporting services for residential and multifamily mortgage portfolios for investors and servicers. It provides services to investors, servicers and individual borrowers primarily focusing on loss mitigation. These operations are conducted by IMC.
Long-Term Mortgage Portfolio
The Company manages its long-term mortgage portfolio, which consists of residual interests in the securitization trusts reflected as trust assets and liabilities. Its long-term mortgage portfolio includes adjustable rate and fixed rate Alt-A single-family residential mortgages and commercial (multifamily residential loans) mortgages. Alt-A mortgages are first lien mortgages made to borrowers having credits within typical Fannie Mae and Freddie Mac guidelines but have loan characteristics that make them non-conforming under those guidelines. Commercial mortgages in the Company's long-term mortgage portfolio are adjustable rate mortgages with initial fixed interest rate periods of approximately two, three, five, seven and 10-years that convert to adjustable rate mortgages (ARMs) (hybrid ARMs), and are secured with multi-family residential real estate.
Impac Mortgage Holdings Inc
19500 Jamboree Rd
IRVINE CA 92612-2401