Impac Mortgage breaks into warehouse lending
Mortgage firm broadens horizon, adds new division
Impac Mortgage (IMH) is broadening its horizon and re-entering the residential warehouse lending business through its new division, Impac Warehouse Lending.
Impac Warehouse Lending will be financing high loan-to-value HARP products, up to 150% LTV, with warehouse lines from $3 million to $10 million.
Additionally, the new team has more than 15 years experience and the new division is expected to be fully operational in September.
“We are very excited to have secured funding to re-establish a warehouse lending division, which was so successful for the Company previously,” Joseph Tomkinson, chairman and CEO of Impac Mortgage, said.
“Offering warehousing lines of credit to many of our customers ties them closer to us, helps them grow, increases our correspondent production and results in higher profitability,” he added.