An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

A NAR board member tells (almost) all

For this week’s Houses in Motion, a miniseries that is part of HousingWire Daily, we spoke with Lisa Dunn about the pressing issues in real estate, including disclosure of agent commission.


Impac Mortgage raises $56 million to expand non-QM production, servicing portfolio

CEO on future growth for Impac

Impac Mortgage Holdings announced its second stock offering in roughly seven months as it plans to continue fueling its already growing servicing portfolio and non-qualified mortgage production.

The company revealed that it sold $56 million worth of shares of its common stock in a registered direct offering to certain purchasers, including existing beneficial shareholders Talkot Capital and certain entities affiliated with investors Richard Pickup or Todd Pickup. 

Impac stated that it sold 4,423,381 shares of common stock at a price of $12.66 per share, based on the closing price as of April 17, 2017. 

Back in September of last year, Impac first announced that it was reentering the public equity markets again after a long stint away following the financial crisis, raising approximately $37 million in capital.

The major decision to jump back, at the time, came with a strong forecast and plan for growth for the lender.

“The new capital will be used to continue to expand the growth of our servicing portfolio and assist us on our anticipated return to the securitization market with our rapidly growing NonQM production,” Joseph Tomkinson, chairman and CEO of Impac Mortgage, said.

“Additionally, this capital gives us the ability to continue to expand into diversified income platforms and take advantage of strategic opportunities presented to us,” he continued.   

Impac’s involvement in non-QM production isn’t new, but as Tomkinson noted, it is growing.

Lenders finally started to look into the unchartered territory of non-QM lending, about six months after the Consumer Financial Protection Bureau's Qualified Mortgage requirements went into effect at the start of 2014.

And Impac was there ready to assist the underserved market. Bill Ashmore, president of Impac Mortgage, said at the time, “We believe there is an underserved market for these programs where certain borrowers are finding financing for purchase or refinance is either non-existent or available with stringent and costly parameters.”

“We are not new to the non-agency space,” Ashmore added. “We think this market is very similar to what we saw in 1995 when we first created Alt-A loans, and subsequently originated to $90 billion in that product from 1995-2007.”

The move to expand its non-QM production has paid off so far for Impac. Shortly after Ashmore said those comments in July 2014, the company stated that the early indications of the products were very positive for growing its AltQM pipeline.

This latest offering announcement only further reinforces that growth. Impac said it approximately originated $300 million in non-QM loans in 2016. Starting in April of this year, Impac projects to be doing $100 million in non-QM loans a month. 

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

CFPB orders ‘Big Tech’ to turn over payment system plans

The Consumer Financial Protection Bureau issued a series of orders Thursday that will require large tech companies to hand over information on their payments systems to better understand how these firms manage and access users personal data.

Oct 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please