Impac Mortgage Holdings, one of the nation's largest alt-A funders, posted a $121.7 million loss in the first quarter, citing market-to-market losses on derivatives and charges tied to large loan buyback requests.Over the past two quarters the publicly traded Impac has lost $181 million. The Irvine-based company signaled that it is moving "aggressively" on settling loan buyback requests tied to early payment defaults. "We have closely monitored our reverse repurchase facilities to manage our margin call exposure," said CEO Joe Tomkinson. The nation's 10th largest alt-A originator, Impac funded or bought $2.2 billion of product in the quarter, compared to $2.1 billion in the year ago quarter. (In the fourth quarter in bought and funded $4.1 billion.) In response to a declining market it also laid off 15% of its 800 staffers.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
20m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
2h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
2h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24