Profits declined at Impac Mortgage Holdings in the third quarter even as the lender doubled its base of mortgage originations.
Overall, the nonbank earned $1.44 million, down 62.8% sequentially, while producing $1.64 billion of residential loans. Impac funded $257.4 million of non-QMs, down 18.3% from 2Q19. With interest rates declining in the period, the company decided to take advantage of refinances that can be delivered to the government-sponsored enterprises.
“These results validate our commitment to maintaining a diversified product and channel offering,” said George Mangiaracina, Impac’s chairman and CEO. “The company’s GSE-driven call center and non-QM driven third party businesses are complementary.”
He added that Impac plans to continue to invest in “technology, product design, industry talent and geographic expansion.”
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