Production at Impac Increases

$3.5 billion 1st quarter volume
By MortgageDaily.com staff
5/4/2004

The mortgage operations unit of Impac Mortgage Holding Inc. reported increased production.

Impac Funding Corp. acquired and originated $3.5 billion in mortgages during the first quarter, up from $3.1 billion the previous quarter. In the same period last year, volume was half this amount at $1.8 billion.

Alt-A mortgages were 95% of the latest production and subprime loans made up the rest, according to the Newport Beach, Calif.-based lender.

Adjustable-rate mortgages reportedly accounted for 78% of the volume and the remaining balance was filled by fixed-rate mortgages, the report said.

Purchase originations were reportedly almost 60% of the latest total.

Impac's correspondent channels were responsible for 85% of the total, wholesale and retail originations contributed 11% and subsidiary Novell Financial Services Inc. aggregated 4%, the real estate investment trust said.

Impac reported that its first quarter net earnings totaled $46.0 million.

Special Programs