This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Impac Mortgage Holdings, Inc. Announces Results Of Second Quarter 2012

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.

Excel continues to expand its production channels including retail, and wholesale, as well as the previously announced correspondent lending channel. Total monthly lending volume has increased to over $200 million in recent months as compared with an average of $135 million for the first quarter of 2012, and an average of $75 million in the second quarter of 2011. Second quarter volumes in the wholesale and correspondent lending channels led to significant volume increases over the first quarter; however, retail expansion during the second quarter is expected to lead to a corresponding increase in retail production during the 3rd quarter. Retail production is also expected to increase from the opening of the previously announced Reverse Mortgage operations. Excel’s mortgage lending business is currently branded under the name of “Impac Mortgage” and offers primarily loans eligible for delivery to Fannie Mae, Freddie Mac and Ginnie Mae.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs