IRVINE, Calif.--(BUSINESS WIRE)--Sep. 15, 2014--
Impac Mortgage Holdings, Inc. (NYSE MKT: IMH), announces the launch of a
new initiative with Macquarie Group, a global diversified financial
services provider, on a major expansion into the non-qualified mortgage
space.
Impac Mortgage recently launched its non-qualified mortgage product
offering, the Alternative QM Program (“AltQM”), through its wholesale,
correspondent and retail production channels. The AltQM programs are
designed to offer brokers and correspondents alternative mortgage
products, other than conforming agency products, to their clients. As
part of this initiative, Impac will exclusively sell AltQM origination
to Macquarie, which will provide funding towards this program.
Impac Mortgage is not new to the non-agency space, having originated $90
billion in non-agency mortgages between 1995-2007, and anticipates
building on its proven track record with this product. Macquarie has
extensive industry experience and an established track record in credit
markets and mortgage finance.
The AltQM programs are designed to provide home financing options for
high-quality borrowers just outside of current government-sponsored
guidelines. All new Impac-originated loans will be fully documented,
supported by significant down payment requirements, and meet all legal
standards. The AltQM programs will target the underserved market of
borrowers who are finding financing, for purchase or refinance, either
non-existent or available with stringent and costly parameters.
To fit the needs of these borrowers, the AltQM Program suite will
initially feature four products: The Alt-QM Jumbo, Alt-QM Agency, Alt-QM
Income and Alt-QM Investor program. These loans will be held for
eventual securitization.
Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc.,
commented, “There is a tremendous opportunity in the mortgage market
today to provide borrowers with a product that has previously been
unavailable to them. Our successful history originating this type of
product, combined with our relationship with Macquarie, will allow Impac
to make an immediate impact in the non-qualified mortgage space.”
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, VP Investor Relations at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.
Web site: http://ir.impaccompanies.com,
www.impaccompanies.com,
or www.macquarie.com
Source: Impac Mortgage Holdings, Inc.
Impac Mortgage Holdings, Inc.
Justin Moisio, 949-475-3988
VP
Investor Relations
Justin.Moisio@ImpacMail.com
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