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Impac Mortgage Holdings, Inc. Announces Year End 2010 Results

Impac Mortgage Holdings, Inc. (NYSE Amex: IMH), a Maryland corporation, or the “Company,” reports net earnings for the year ended 2010 of $10.3 million, or $1.24 per diluted common share, as compared to net earnings of $3.4 million, or $0.44 per diluted common share for the year ended 2009.

Recent Business Developments

During 2010, Impac Mortgage Holdings, Inc., through its wholly owned subsidiary Integrated Real Estate Service Corp., continued to provide mortgage and real estate services, and continued to assist in the management of the long-term mortgage portfolio, including the residual interests in securitizations. In the third quarter of 2010, the Company, through its wholly owned subsidiary Excel Mortgage Servicing, Inc. (Excel), re-entered the mortgage banking market and started funding residential mortgage loans.

As part of the initiative to re-enter the mortgage lending market, the Company has completed the following:
  • With respect to new warehouse facilities:
    • Obtained its first warehouse facility since 2008 to fund residential mortgage loans;
    • Increased warehouse funding capacity to $42.0 million as of December 31, 2010;
    • Obtained preliminary term sheets from lenders for a potential total warehouse funding capacity of $160 million as of March 25, 2011.
  • Acquired controlling interest in a mortgage banking firm, AmeriHome Mortgage Corporation (AmeriHome), giving the Company ability to (i) originate, sell to and service for Fannie Mae and Freddie Mac loans, (ii) originate Federal Housing Authority (FHA) government loans and (iii) issue and service Ginnie Mae securities;
  • Through Excel, obtained approval to directly originate FHA loans as a HUD mortgagee and approval to originate, sell and service Fannie Mae loans; and
  • Funded $20.7 million in residential mortgage loans in 2010.

By obtaining its first warehouse facility since 2008, the Company has been able to start originating and funding mortgages in 2010 through its wholly owned subsidiary, Excel, under the “Impac Mortgage” brand name. The mortgage lending activities include the origination, funding and selling of loans. During 2010, the Company funded $20.7 million, sold $17.4 million and brokered $20.1 million of loans as compared to a minimal amount of loans brokered in 2009.

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