Impac Reaches Acquisition Agreement with California Originator
Impac Mortgage Corp., a subsidiary of Irvine, Calif.-based Impac Mortgage Holdings Inc., will acquire the mortgage operations of CashCall Inc., a consumer direct mortgage originator based in Orange, Calif.
Terms of the deal were not disclosed. CashCall's volume was $800 million in the fourth quarter of 2014, according to Impac.
Part of Impac's motivation in the deal appears to be the acquisition of a centralized retail call center to facilitate retail lending. Impac has been purchasing closed loans from CashCall since 2013. When the deal closes CashCall will operate under the name CashCall Mortgage and its call center's current employees are to be hired by Impac.
Joseph Tomkinson, chairman and chief executive officer of Impac Mortgage Holdings, said in a release, "We believe that the expansion of product capabilities and geographical footprint, for both sides, will create significant strategic and financial benefits."