UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURTIES AND EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): February 28, 2003
IMPAC MORTGAGE HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland 0-19861 33-0675505
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) (Commission File Number) Identification No.)
1401 Dove Street Newport Beach, CA 92660
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 475-3600
Item 9. Regulation FD
Impac Mortgage Holdings, Inc. ("IMH"), a real estate investment trust
("REIT"), is announcing the posting of its unaudited Monthly Fact Sheet, which
will be available on the Company's web site at www.impaccompanies.com.
For the Month End For the
----------------------- Year Ended
The REIT (in millions) 1/31/03 12/31/02 12/31/01
------- -------- -------------
Total Assets $ 6,867.0 $ 6,551.8 $ 2,854.7
Long Term Investment Operations
(in millions, except Average Size of Loan)
Collateralized Mortgage Obligations ("CMO") Collateral (a) $ 5,634.0 $ 5,149.7 2,229.2
Finance Receivables (b) $ 959.2 $ 1,140.2 $ 466.6
Mortgage Loans Held For Investment ("LHFI")( c ) $ 92.1 $ 57.5 $ 20.1
Investment Securities Available for Sale (d) $ 25.4 $ 26.1 $ 33.0
Total Mortgage Assets (a+b+c+d) $ 6,710.7 $ 6,373.5 $ 2,748.9
Total Gross Loans Receivable (a+b+c) $ 6,685.3 $ 6,347.4 $ 2,715.9
Gross Loans Receivable
Percentage of Fixed 18% 15% 13%
Percentage of Adjustable 82% 85% 87%
Weighted Average Coupon 6.46% 6.59% 7.94%
Weighted Average Margin 3.00% 3.01% 3.43%
Weighted Average Loan to Value 81% 82% 83%
Average Size of Loan (in thousands) $ 215.9 $ 211.9 $ 178.9
Credit Grade: "A, A-" 98% 98% 94%
Credit Grade: "B" and Below 2% 2% 6%
Total Nonperforming Loans (90 days+, including real estate owned) $ 140.2 $ 130.6 $ 69.3
Loan Delinquency Rate (60 days +) 3.14% 3.22% 3.84%
CMO Prepayment Amount $ 125.6 $ 103.7 $ 51.9
Warehouse Lending Operations (in millions)
Average Outstanding Finance Receivables with External Customers $ 587.3 $ 585.1 $ 205.5
Average Finance Receivables $ 1,235.1 $ 1,081.1 $ 474.5
Total Outstanding Warehouse Lines Approved to External Customers $ 666.5 $ 665.0 $ 447.0
Mortgage Operations (in millions, except Master Servicing Portfolio)
Total Loan Acquisitions and Originations $ 674.8 $ 575.6 $ 3,203.6
Percentage of Fixed 53% 52% 51%
Percentage of Adjustable 47% 48% 49%
Master Servicing Portfolio (in billions) $ 9.1 $ 8.7 $ 5.6
Weighted Average Coupon 7.17% 7.32% 8.71%
Loan Delinquency Rate (60+ days) 4.61% 4.73% 5.38%
Impac Direct Access System for Lending
IDASLg2 Utilization(in millions)
IDASLg2 Volume Submitted * $ 1,300.5 $ 1,108.9 $ 9,538.8
Approval Rate 77% 75% 69%
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No opinion, advice, statement or other information ("Information") contained or
provided herein or hereby is intended or shall be construed as a prediction of
the performance of any security, fund, or obligation. Reliance upon any
Information shall be at the sole risk of the reader. Prior to the execution of a
purchase or sale of any security or investment, you are advised to consult with
your broker or other financial advisor or other professionals as appropriate.
Neither IMPAC, its affiliates, information providers nor content providers shall
have any liability for investment decisions based upon, or the results obtained
from the Information. The Information provided herein is unaudited and neither
IMPAC, its affiliates, information providers nor content providers guarantee nor
warrant the timeliness, sequence, accuracy, or completeness of the Information.
Nothing contained in this Fact Sheet or Web Site is intended to be, nor shall be
construed as, investment advice. You acknowledge that the Information is not
provided for trading purposes.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
IMPAC MORTGAGE HOLDINGS, INC.
Date: February 28, 2003
By: /s/ Richard J. Johnson
---------------------------------
Name: Richard J. Johnson
Title: Executive Vice President
and Chief Financial Officer