The real reason Fannie and Freddie don't do principal modifications

Julián Castro sworn in, spends first day as HUD Secretary

Former San Antonio mayor takes over for Shaun Donovan

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line
W S
Investments

Impac Mortgage Holdings narrows 1Q loss, expands originations

Impac Mortgage Holdings (IMH) reported a net loss in the first quarter of $4.8 million, or a loss of 61 cents a share, shrinking its year-ago loss of $987,000, or a loss of 12 cents a share.

However, an increase in originations and sales through Impac's subsidiary Excel Mortgage Servicing helped to boost the bottom line of its mortgage and real estate service segment.

A $1.3 million loss from discontinued operations after a $350,000 loss in the first quarter of 2011 contributed to the Irvine, Calif.-based mortgage company's first quarterr loss, driven by additional repurchase provisions from legacy loan sales completed in prior years by its discontinued non-conforming mortgage loan operations.

But Impac reported a significant expansion of its mortgage lending activities in the first quarter. Through Excel Mortgage Servicing, Impac’s residential mortgage originations increased more than 500% to $365 million from $57.3 million a year earlier.

The surge in originations resulted in a larger mortgage servicing portfolio at Excel Mortgage Servicing of $891.7 million in unpaid principal balance, a more than 400% increase from the March 31, 2011 balance of $172.6 million.

Impac sold $249.2 million in service retained loans to Fannie Mae and Freddie Mac, issued $78 million in Ginnie Mae securities and sold $28.5 million in loans on a service released basis to other investors.

The company also reported that it sold $250 million in unpaid principal balance of Fannie Mae servicing rights in the first quarter with an expected transfer date in May. Warehouse borrowings capacity rose to $118.5 million from $87.5 million at December 31.

jhilley@housingwire.com

@JustinHilley

 

 

 

Recent Articles by Justin Hilley

Comments powered by Disqus