Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc., stated, “We are very pleased to see that we have achieved profitability in mortgage lending, leading to consolidated profitability for the quarter. Even though we have seen great success in growing our mortgage origination volumes in the first half of the year, we expect volumes to grow going forward, but not at the same rate primarily due to our current capital and operational constraints. In late 2010, we started funding loans with a focus on building our mortgage lending business one step at a time. In the second quarter of 2012, we have shown the market we are capable of achieving success and have received the attention of significant mortgage market players including major financial institutions of which one has recently approved us as a credit counterparty for a warehouse line. Going forward we plan to continue growing our mortgage lending market share profitability in all origination channels, focusing on high credit quality mortgages sold directly to Fannie Mae, Freddie Mac, and Ginnie Mae.”
Second Quarter 2012 Earnings Conference Call
The Company has announced a conference call and live web cast on Wednesday, August 15, 2012 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). We will discuss our second quarter 2012 financial results, followed by a question and answer session. If you would like to participate in the conference call, you may listen by dialing (866) 838 - 8084, conference ID number 20499811, or access the web cast via our web site at http://ir.impaccompanies.com. To participate in the conference call, dial in fifteen minutes prior to the scheduled start time. The conference call will be archived on the Company's web site at http://ir.impaccompanies.com. You can subscribe to receive instant notification of news releases, events, presentations, and daily stock quotes by using our e-mail alert feature located at the web site under “Receive Email Alerts.”Forward-Looking Statements This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements, some of which are based on various assumptions and events that are beyond our control, may be identified by reference to a future period or periods or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “likely,” ”appear,” “should,” “could,” “seem to,” “anticipate,” or similar terms or variations on those terms or the negative of those terms. The forward looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, but not limited to the following: the ongoing volatility in the mortgage industry; our ability to manage successfully through the current market environment; our compliance with applicable local, state and federal laws and regulations and other general market and economic conditions; our ability to meet liquidity needs from current cash flows or generate new sources of revenue; management’s ability to manage successfully and grow the Company’s mortgage and real estate business activities including mortgage lending operations; the ability to make interest payments; increases in default rates or loss severities and mortgage related losses; our ability to obtain additional financing and the terms of any financing that we do obtain; inability to effectively liquidate properties to mitigate losses; increase in loan repurchase requests and ability to adequately settle repurchase obligations; decreases in the estimated fair value of our residual interests that differ from our assumptions; the ability of our common stock to continue trading in an active market; and the outcome of litigation or regulatory actions pending against us or other legal contingencies.