Impac Production Plunges

$4.7 billion 1st quarter production
By MortgageDaily.com staff
5/16/2005

Volume sank at Impac Mortgage Holdings Inc. But the company's current pipeline suggests better months are ahead.

First quarter mortgage originations were $4.7 billion, Impac reported in its earnings statement, tumbling from $6.4 billion during the prior quarter. A year ago production was $3.5 billion.

"We continue to expect solid loan acquisitions and originations and are currently on track to reach $30.0 billion in total assets by the end of this year," said Chairman and CEO Joseph R. Tomkinson in the announcement.

The locked pipeline at the end of the quarter was $2.9 billion, based on Impac's monthly fact sheet for March, more than double the level at the end of February.

The company reported 90% of its $25.1 billion in mortgage assets as of Mar. 31 were adjustable rate, while Alt-A accounted for 99%. The Weighted average coupon was 5.74%, and the 60+ day delinquency rate was 1.94%.

The Newport Beach, Calif.-based real estate investment trust said first quarter earnings were $173.6 million.

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