Impac Warehouse Lending will initially focus on providing credit to smaller mortgage bankers and credit unions, including some of the parent company’s correspondent originators. Ultimately, it will provide funding facilities to all size lenders.
On that call, Ashmore said going back into warehouse “is definitely a strategic move,” because correspondents are more likely to sell to Impac if the lines are available. He added that it “takes pressure off of pricing margins in correspondent.”
The company exited warehouse in the fall of 2007 because of the mortgage crisis.
Lines are available to finance conforming loans, as well as jumbo mortgages up to $3 million. High loan-to-value Home Affordable Refinance Program loans (up to 150% LTV) can also be funded through Impac’s lines.