Impac Mortgage Holdings, a nonbank and former alt-A lender that survived the housing bust, has big plans for the future: not only does it plan to fund $1.2 billion in loans this year, it's anticipating that 80% of it will come from loan brokers.
What makes the firm's prediction so astounding, is that the firm is coming off a year in which it funded or brokered less than $50 million.
But company president Bill Ashmore is convinced that the Irvine-based Impac can make a huge showing in wholesale this year, citing the firm's warehouse capacity, and its ability to attract high performance account executives. (Ashmore declined to identify the lender's warehouse bankers, except to say, "We have several.")
As of last week, Impac had table funded very few loans, but Ashmore believes all that will soon change. The company hopes to have 15 full-time wholesale account executives on board by early February, half of whom used to work for Bank of America. (For the full story, see the Monday print edition of National Mortgage News.)
