Impac Mortgage Holdings Inc., Newport Beach, Calif., has priced an offering of 2 million shares of its common stock at $17.75 per share, producing estimated net proceeds of $34 million.The proceeds are expected to be used to expand Impac's long-term investment operations and for general corporate purposes, the company said. The lead manager of the offering was JMP Securities LLC, and the co-manager was Sandler O'Neill & Partners LP. The company has granted the underwriters a 30-day option to buy up to 300,000 additional shares to cover any overallotments. Impac, a mortgage real estate investment trust, can be found online at http://www.impaccompanies.com.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10