This Day On The Street
Continue to site
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 Strategic Transaction To Further Position The Company For Profitability And Growth In 2014

Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) (the “Company”) today announces a strategic transaction centralizing both the retail originations and lending operations which is expected to improve the profitability of our lending segment, streamline the mortgage operations and better position the Company for profitability and growth in 2014.

Joe Tomkinson, Chairman and Chief Executive Officer, commented, “One of the things I am proud of is our management team’s ability to be forward-thinking, innovative and nimble, especially in a challenging mortgage market like we are currently experiencing.” The Company has capitalized on management’s forward-thinking mindset and made a decision to focus on the lending channels and mortgage products that we believe will better contribute to overall long-term lending profitability.

In light of the significant regulatory and compliance changes that are occurring in January of 2014 and expected to add significant complexities to the already challenging mortgage market, we are taking advantage of an opportunity to sell our active “brick and mortar” retail lending branches and centralize our lending operations. As part of this transaction, we will be eliminating 23 retail branch locations and a fulfillment center, and reducing our current headcount by approximately 180 employees, which we anticipate will result in monthly net savings of approximately $700 thousand.

Consolidating our retail lending channel will allow us to have better control, be more efficient, and provide our customers better customer service. We also think we can expand our retail originations more profitably though a retail call center approach at our corporate headquarters in Irvine, California. Despite centralizing our retail origination channel, the Company will continue to operate through all three nationwide channels including retail, wholesale and correspondent. We believe the more centralized operational focus will create more synergies and scalable opportunities for our mortgage operations.

Mr. Tomkinson added, “With these steps, we believe the Company will be more competitive in the current challenging mortgage market and better positioned to take advantage of opportunities as they arise.”

1 of 2

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs