Impac Mortgage Holdings originated $532 million of residential loans in the second quarter, a 135% gain from the same period a year ago as its business continued to grow at an impressive clip.
Wholesale production through loan brokers accounted for 57% of the firm’s fundings during the period.
Impac, which struggled to survive during the housing crisis and was once delisted, on Wednesday posted a small profit of $4.2 million for the quarter. In the same period a year ago it earned $361,000.
In trading Wednesday, its share price soared 87% to $4.19 a share
The Irvine, Calif.-based nonbank lender/servicer also is starting to retain a large amount of the servicing rights it originates. It reported that its affiliate, Excel Mortgage Servicing, grew its MSRs to $1.1 billion at June 30, an increase of almost $200 million.
Impac is retaining MSRs on Fannie Mae, Freddie Mac, and Ginnie Mae product. It also has increased its warehouse lending capacity. But the company notes: “As Excel continues to expand the mortgage lending platform, production volumes, and servicing portfolio, at some point its growth may be limited by available capital.”
In early July Impac announced its intention to enter the
