Impac Mortgage Holdings’s (IMH) total originations soared approximately 150% from the third quarter of 2014, according to the lender’s third-quarter earnings.
And while on a monthly basis originations decreased to $2.3 billion in the third quarter from $2.6 billion in the second quarter of 2015, the decline was consistent with the rest of the market.
As a whole, Impac continued its upward trend and reported third-quarter net earnings of $19.3 million, or $1.48 per diluted common share, compared to a net loss of $1.2 million or $0.13 per diluted common share for the third quarter of 2014.
On a quarterly basis, net earnings were up from $16.8 million or $1.33 per diluted common share for the second quarter of 2015.
In addition, Impac’s retail channel decreased 17% over the second quarter, while still representing approximately 56% or $1.3 billion of total originations.
The wholesale channel remained consistent with the second quarter, representing approximately 18%, or $409.0 million, of total originations, while the correspondent division decreased slightly from the second quarter, representing $608.5 million or 26% of total originations.
For the third quarter of 2015, purchase money transactions increased to 25% of total production, as compared to 18% of total production in the second quarter.
"We were pleased to have consecutive quarterly profitability in each of the first three quarters of 2015. With continued positive quarterly earnings we will be able to realize tax benefits into the future from our tax loss carry forwards, as well as strengthening our balance sheet which should enable us to fund future growth," said Joseph Tomkinson, chairman and CEO, of Impac Mortgage Holdings.