bivey@imfpubs.com

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.”