IRVINE, Calif.--(BUSINESS WIRE)--Dec. 3, 2013--
Impac Mortgage Holdings, Inc. (NYSE MKT:IMH), (the “Company”) today
announces the sale of its fully licensed and agency approved
seller/servicer subsidiary, AmeriHome Mortgage Corporation
(“AmeriHome”). This transaction is expected to close early in the first
quarter of 2014 at a significant gain. The sale is subject to change of
control requirements by the state, and government agencies including
Fannie Mae, Freddie Mac and Ginnie Mae. The transaction includes the
sale of AmeriHome’s primarily agency servicing portfolio of
approximately $700 million in unpaid principal balance, but will not
affect the ongoing operations of Excel Mortgage Servicing, Inc., dba
Impac Mortgage, the Company’s nationally licensed mortgage originator
that is also a Fannie Mae, Freddie Mac, and Ginnie Mae approved seller/
servicer. Excluding AmeriHome, Excel’s originations are estimated to be
$2.7 billion in 2013 and the retained portion of the servicing portfolio
is estimated to be $2.5 billion by December 31, 2013. Currently, Impac
Mortgage is originating over $500 million per quarter which are
predominately Ginnie Mae, Fannie Mae and Freddie Mac eligible loans.
The sale of AmeriHome, which was a redundant mortgage operational
platform, will not only improve near term cash balances and
profitability but will also help the Company to streamline its mortgage
operations. The additional cash from the sale will allow the Company to
continue to build its mortgage servicing portfolio.
Joe Tomkinson, Chairman and Chief Executive Officer, commented, “We
believe the sale of AmeriHome mortgage lending platform will give the
Company additional options as we navigate through the current
challenging mortgage market. Looking forward, our goal by the first
quarter of next year is to further position the Company to take
advantage of opportunities in the mortgage lending market as new
regulatory rules take effect.”
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides mortgage and real
estate solutions that address the challenges of today’s economic
environment. Impac’s operations include mortgage lending and servicing,
portfolio loss mitigation and real estate services as well as the
management of the securitized long-term mortgage portfolio which
includes the residual interest in securitizations.
For additional information, questions or comments, please call Justin
Moisio in Investor Relations at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.
Web site: http://ir.impaccompanies.com
or www.impaccompanies.com.
Source: Impac Mortgage Holdings, Inc.
Impac Mortgage Holdings, Inc.
Justin Moisio
Investor Relations
(949)
475-3988
Justin.Moisio@ImpacMail.com
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