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

The following table represents volume by channel for the presented periods (in millions):

    For the Three Months Ended
June 30, 2012,   March 31, 2012
2012 2012
Wholesale Fundings $ 303.8 $ 203.0
Retail Fundings 132.4 125.7
Correspondent Fundings 81.9 24.7
Brokered   13.8   11.6
Total Originations $ 531.9 $ 365.0
 

For the three and six months ended June 30, 2012, the real estate services segment had net earnings of $4.0 million and $7.0 million, respectively, compared to $4.6 million and $8.3 million in the comparable period in 2011. During the three and six months ended June 30, 2012, real estate service fees decreased to $6.1 million and $11.0 million, respectively, as compared to $12.0 million and $23.5 million for the three and six months ended June 30, 2011, respectively, due to a decline in the long-term mortgage portfolio and the associated real estate and recovery activities and decrease in title and escrow fees. With the sale of the title insurance company in 2011, both title and escrow fees declined to zero during the three and six months ended June 30, 2012, as compared to $4.7 million and $9.0 million, respectively, as well as related expenses for these business activities declined as compared to the same periods in 2011. As expected the real estate service activities and revenues declined as lending activities and revenues increased from the recent expansion of the mortgage lending business.

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