Impac Mortgage Holdings Inc., Irvine, Calif., saw its year-over-year earnings increase by more than 200% to $10.3 million for 2010 as it returned to the loan origination business during the third quarter of the year.
In the few months it was back in the lending business, Impac funded $20.7 million, sold $17.4 million and brokered $20.1 million, compared with $2.5 million sold and $6 million brokered in 2009.
During the year, it obtained its first warehouse line of credit since 2008. A $10 million line obtained in June 2010 was upsized in March to $25 million and had its term extended to April 2012.
In December, Impac got a $25 million facility from New Century Bank. The agreement expires June 2011, with a rate set to one month Libor plus 4.00% with a floor of 4.75%.
In March, Impac's wholly owned subsidiary Excel Mortgage Servicing Inc. opened a regional loan production office in Lake Oswego, Ore., as well as other offices throughout Oregon, Washington and Idaho. There are plans to open an office in Baton Rouge, La.
In 2009, Impac started an integrated service platform to handle loss mitigation and performance; while there are plans to expand this business to more third parties, most of the revenues earned have been from its own long-term mortgage portfolio.
In 2010, this unit provided $56.4 million in fees, up from $42.3 in 2009.
Loans in the portfolio 60 days or more late have been cut to 21% of the portfolio as of Dec. 31, 2010 from 25% on the same day one year prior.
