Impac Mortgage is still reeling from a tough first quarter, reported President William Ashmore at the recent National Association of Real Estate Investment Trusts investor forum held. The REIT’s four sales channels are flat from last year, except for bulk, which is down “precipitously,” he said, mainly because the lender was concerned about credit quality erosion seen in loan packages from the fourth quarter, so it cut back its acquisitions. “We’re refusing to have…