Impac Mortgage Profit Rises as Gain on Sale Improves

Impac Mortgage Holdings in Irvine, Calif., reported an increase in second-quarter profit, citing higher gains on the sale of loans.

Net income for the quarter was $16.8 million, or $1.33 per share. That compared to $82,000, or 1 cent, a year earlier.

The net gain on the sale of loans was $48.3 million, compared to $6.3 million, from a year earlier.

Also in the quarter, Impac reduced by $11.3 million the estimated contingent consideration liability to the seller of CashCall Mortgage.

Wholesale originations rose 131% to $416.4 million, correspondent originations rose 136% to $640.1 million and retail originations in the quarter totaled $1.5 billion.