Impac’s earnings plummeted from last year and even last quarter, but the company isn’t worried, and even feels that it had a strong start to the year. In this exclusive interview with HousingWire they explain why.
“Early indications are very positive for the growing of our Alt-QM pipeline. We believe this will be further strengthened by the recent commitment by several large retail originators, to roll out these products through year end and during the first quarter of 2015,” said Joseph Tomkinson, chairman and CEO of Impac Mortgage Holdings.
Impac Mortgage Holdings reported second-quarter net earnings of $82 thousand or $0.01 per diluted common share after reporting a net loss last quarter, and it was one key element that helped drive lending volume forward.
Originations decreased 48% from the first quarter of 2013, down to $353.1 million. Impac attributes most of that to the sale of their brick and mortar branches at the end of last year, which accounts for $180 million of the decline.
Housing stocks were mostly up on what has been a solid year of recovery in housing, but traders were still not happy about Impac's decision to cut staff and physical locations to focus more on its online services.
“The industry is satisfied with the status quo but it isn’t working and we desperately need to find ways to enable Americans to become homeowners," Pam Patenaude said. "We are the only group that can bring bipartisan efforts together that represent every segment of the housing industry.”
Nontraditional income earners are becoming increasingly mainstream, particularly among Millennials, who, compared to their parents and grandparents, move from job to job a lot more, are more likely to be independent contractors and may lack a solid credit profile.
Managing internal communications and preventing employees from destroying privilege, which can happen simply by including individuals outside the company on communications that are privileged, is one of the most critical aspects of litigation management.