pmuolo@imfpubs.com

Impac Mortgage Holdings, which suspended loan production early in the spring and has yet to reopen, on Friday sold $4.1 billion of Freddie Mac servicing rights to PNC Bank, according to officials familiar with the transaction.

The sale was brokered by Incenter Mortgage Advisors, Denver. IMA Managing Director Tom Piercy said he could not discuss specifics but added, “The trade was very beneficial for both seller and buyer during a perceived period of illiquidity which actually was not the case.”

PNC, to date, has declined to comment on the matter.

In mid-May, the publicly traded Impac disclosed it could not file its first quarter results on time, saying its operations have “experienced significant disruptions” because of the COVID-19 pandemic. The company now hopes to release 1Q20 results on or before June 29.