Impac Hopes to Enter Warehouse Lending Arena

Impac Mortgage Holdings, a once troubled alt-A lender that appears to have a new lease on life, is considering making a move into warehouse lending, a business it gave up on a few years ago. Company CEO Joe Tomkinson confirmed that warehouse lending is indeed on the firm's radar. "It's something we hope to get back into," he said in an interview with National Mortgage News. Two weeks ago Impac's stock began trading on the AMEX after an extended stay on the OTC "pink sheets" market. In the third quarter, the Irvine-based Impac turned a small profit. Mr. Tomkinson said Impac is waiting on seller/servicer approvals from Fannie Mae and Freddie Mac. "It's day to day on that," he said. The company already has FHA approvals, he noted. In the third quarter Impac earned $3 million, compared to a $20 million loss in 3Q 2008. Its chief asset is $5.76 billion worth of securitized mortgages, left over from its days as an alt-A lender/securitizer. It also has a $16 billion master servicing portfolio. A nonbank, the company last year gave up its status as a real estate investment trust.