As previously announced, in April and May 2012, two of Excel’s warehouse lenders approved increases in Excel’s borrowing capacities from $32.5 million and $25 million to $38.5 million and $50 million, respectively. In addition, one of the same lenders further increased borrowing capacity another $1.5 million in June at the renewal date. Moreover, in May 2012, the Company, through IRES and its subsidiaries, entered into another Master Repurchase Agreement with a lender providing a $25 million warehouse facility bringing the total warehouse borrowings facilities to $145.0 million.Management believes the current economic conditions are likely to warrant exceptionally low levels of interest rates at least through late 2014, if not beyond. A low interest rate environment may continue to drive refinance volumes for a period of time, but eventually we expect the refinance volumes to decline. However, at the same time, as the industry-wide compliance issues associated with foreclosures are resolved, foreclosure activity could likely increase which could in turn create purchase money transaction opportunities for lenders. To position Excel to better capture purchase money business, Excel, for the last several months, has focused on building a realtor direct network and developing realtor direct web based technologies and marketing tools that both loan officers and real estate brokers can use to create leads.
Impac Mortgage Holdings, Inc. Announces Results Of Second Quarter 2012
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