Impac Mortgage's Size And Scope: A Comprehensive Overview

Impac Mortgage Holdings, Inc. (IMH) is an independent residential mortgage lender and broker that has originated and purchased over $90 billion in residential and commercial loans nationwide since 1995. The company provides a full range of loan products, including Non-QM loans, and offers services such as mortgage lending, servicing, portfolio loss mitigation, and real estate services. Impac Mortgage operates as a national non-QM lender and has received positive reviews from mortgage brokers for its reliability and responsiveness. However, as of March 2023, Impac has decided to wind down operations within its TPO channel and is no longer accepting new loan submissions or broker applications.

Impac Mortgage Holdings, Inc

IMH's operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of a securitized long-term mortgage portfolio. They also offer a full range of loan products, including Non-QM loans, which they began originating in 2014.

As of March 2023, Impac has decided to wind down operations within its TPO channel and is no longer accepting new loan submissions or broker applications. However, they will continue to honour their pipeline and related obligations and commitments to their consumer and business partners.

According to reviews on Glassdoor, 26% of employees would recommend working at Impac Mortgage to a friend, and 67% of job seekers rate their interview experience as positive. The company's business outlook is rated as positive by 21% of employees.

Innovative mortgage brokering

Innovative Mortgage Services Inc. is a licensed mortgage broker in 18 states across the US. The company was founded in 2004 by Bryan P. Ehrlich, a licensed attorney, realtor, and loan originator. Innovative Mortgage provides an end-to-end origination platform to licensed loan originators, empowering them to efficiently offer a multitude of financial products to their clients.

The company's management team has over 75 years of combined experience in the mortgage industry, and they prioritize ethical loan origination, attentive compliance, and heightened quality control. Innovative Mortgage's compensation plans and origination platform provide loan originators with the resources and incentives to surpass their production goals.

In the broader mortgage brokering industry, innovation is transforming the home loan experience. Traditional brokers have served as intermediaries between lenders and borrowers, but the process has often been cumbersome and opaque. Now, an increasing number of brokers are embracing digital platforms, automation, AI, and data analytics to streamline the lending process and enhance the client experience.

For instance, borrowers can now complete their mortgage applications online and upload necessary documents such as pay stubs and tax returns. AI-powered systems can then verify these documents, assess the borrower's financial situation in real-time, and generate loan recommendations based on their credit profile and income. This automation speeds up the loan approval process, reduces human error, and enables brokers to offer more tailored solutions to meet individual borrowers' needs.

One example of a company embracing innovation in mortgage brokering is Impac Mortgage Holdings, Inc. (IMH), the parent company of Impac Mortgage Corp. Since 1995, IMH has originated and purchased over $90 billion in residential and commercial loans nationwide. The company provides innovative mortgage brokering and real estate solutions, including mortgage lending, servicing, portfolio loss mitigation, and real estate services.

Real estate solutions

Impac Mortgage Holdings, Inc. is a financial services company that provides mortgage brokering and real estate solutions. Its operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of securitized long-term mortgage portfolios.

Impac has proven to be a reliable and trusted wholesale lender, with quick response times and good customer service. The company has a subsidiary, Integrated Real Estate Services (IRES), which provides loan modifications, real estate brokerage, and monitoring and surveillance services.

In 2018, Impac Mortgage Holdings formed a partnership with Starwood Property Trust to significantly boost its non-QM lending. This deal could see Starwood buying up to $600 million in non-QM loans from Impac over a 12-month period. Impac would originate the loans, which Starwood would then buy and securitize, with Impac retaining the right to co-invest. This "strategic relationship" would allow Impac to increase its non-QM lending and further its competitive advantage in the non-agency segment of the residential mortgage market.

In 2020, Impac Mortgage restarted lending activities after a self-imposed nine-week hiatus due to the COVID-19 pandemic. The company also created a wholly owned subsidiary, Copperfield Capital Corporation, to provide origination and servicing solutions with a focus on loss mitigation strategies, including loan modifications and restructurings.

National non-QM lender

Impac Mortgage Holdings, Inc. (IMH) is a national non-QM lender that has originated and purchased over $90 billion in residential and commercial loans nationwide since 1995. IMH provides mortgage brokering and real estate solutions, including mortgage lending, servicing, portfolio loss mitigation, and real estate services.

As a national non-QM lender, IMH offers a range of loan products that do not conform to the consumer protection provisions of the Consumer Financial Protection Bureau (CFPB). Non-QM loans are designed for borrowers who may not meet the criteria for traditional qualified mortgage loans, such as those who are self-employed, have irregular income, or have a high debt-to-income (DTI) ratio. These loans offer flexibility in qualification requirements, allowing the use of alternative income documentation, such as bank statements, and accommodating recent negative credit events.

However, it is important to note that non-QM loans may come with higher interest rates and unique features, such as interest-only payments, negative amortization, or balloon payments. These features can increase the financial risk for borrowers, and there may be fewer safeguards in place to protect against default.

IMH has received positive reviews from mortgage brokers and clients for its professionalism, responsiveness, and reliability in handling issues and inquiries. Despite this, as per their March 8, 2023, Business Update, Impac has decided to wind down operations within its TPO channel, and they are no longer accepting new loan submissions or broker applications.

$90 billion in loans

Impac Mortgage Holdings, Inc. (IMH or Impac) is a pioneer in non-QM lending with a history dating back to 1995. Since its inception, the company has funded and purchased loans worth over $90 billion, including $4.5 billion in originated and sold loans.

In the years leading up to the 2007-2008 financial crisis, Impac experienced significant growth, originating $90 billion in home loans. Many of these loans were provided to ALT-A borrowers, consumers with strong credit but who did not meet the specific approval requirements of agencies. This period, known as the refinance boom, witnessed a more than threefold increase in the annual volume of home loans.

Impac's business model involves mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of a securitized long-term mortgage portfolio. The company has built a reputation for reliability and responsiveness among mortgage brokers, offering products such as full doc non-QM loans, bank statement products, investor cash flow products, and loans underwritten with the borrower's liquid assets in mind.

However, in March 2023, Impac announced a decision to wind down operations within its TPO channel, no longer accepting new loan submissions or broker applications. Despite this, Impac remains committed to honouring its pipeline and related obligations to its consumer and business partners. The company's focus on non-QM products and its evolution in response to market demands have contributed to its significant loan volume over the years.

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