Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the
“Company” or “we”) announces its financial results for the year
ended 2022.
For the fourth quarter of 2022, the Company reported a net loss
of $(11.8) million, or $(0.38) per diluted common share, and
adjusted earnings (loss) of $(11.0) million, or $(0.35) per diluted
common share, as compared to net earnings of $3.6 million, or $0.15
per diluted common share, and adjusted earnings (loss) of $(5.0)
million, or $(0.23) per diluted common share, for the fourth
quarter of 2021.
For the year ended December 31, 2022, the Company reported a net
(loss) of $(39.4) million, or $(1.65) per diluted common share, and
adjusted earnings (loss) of $(52.0) million, or $(2.17) per diluted
common share, as compared to a net (loss) of $(3.9) million, or
$(0.22) per diluted common share, and adjusted earnings (loss) of
$(12.4) million, or $(0.58) per diluted common share, for the year
ended December 31, 2021.
Adjusted earnings (loss) is not considered an accounting
principle generally accepted in the United States of America
(“non-GAAP”). Adjusted earnings (loss) is a financial measurement
calculated by adjusting GAAP earnings before tax to exclude certain
non-cash items, such as fair value adjustments and mark-to-market
of mortgage servicing rights (MSRs), and legacy non-recurring
expenses. The Company believes adjusted earnings (loss) more
accurately reflects the Company’s current business operations of
mortgage originations. Adjusted earnings (loss) adjusts GAAP
operating income by excluding non-cash items that fluctuate due to
market rates, inputs or assumptions rather than management’s
determination of fundamental operating income (loss) that reflects
the Company’s current business operations. See the discussion and
reconciliation of non-GAAP adjusted earnings (loss) further below
under “Non-GAAP Financial Measures.”
Results of Operations
For the Three Months
Ended
For the Year Ended
(in thousands, except share data)
December 31,
September 30,
December 31,
December 31,
December 31,
(unaudited)
2022
2022
2021
2022
2021
Revenues: Gain (loss) on sale of loans, net $
865
$
(682
)
$
14,861
$
6,317
$
65,294
Real estate services fees, net
349
290
212
1,081
1,144
(Loss) gain on mortgage servicing rights, net
(157
)
196
(68
)
194
34
Servicing fees (expense), net
36
32
(39
)
63
(432
)
Broker fee income
50
—
—
50
—
Other
(73
)
3
(29
)
890
279
Total revenues (expenses), net
1,070
(161
)
14,937
8,595
66,319
Expenses: Personnel expense
5,060
5,701
13,204
30,705
52,778
General, administrative and other
3,664
3,792
3,978
15,698
16,795
Occupancy
2,041
1,038
1,062
5,297
4,236
Business promotion
261
545
2,249
4,425
7,395
Total expenses
11,026
11,076
20,493
56,125
81,204
Operating (loss) earnings:
(9,956
)
(11,237
)
(5,556
)
(47,530
)
(14,885
)
Other (expense) income: Net interest (expense) income
(1,390
)
(1,334
)
403
(3,869
)
2,398
Change in fair value of long-term debt
(430
)
(435
)
1,459
2,757
2,098
Change in fair value of net trust assets
—
—
7,284
9,248
6,582
Total other (expense) income, net
(1,820
)
(1,769
)
9,146
8,136
11,078
(Loss) earnings before income taxes
(11,776
)
(13,006
)
3,590
(39,394
)
(3,807
)
Income tax expense
(8
)
7
8
38
71
Net (loss) earnings $
(11,768
)
$
(13,013
)
$
3,582
$
(39,432
)
$
(3,878
)
Other comprehensive (loss) earnings: Change in fair value of
instrument specific credit risk
6,097
3,347
(1,148
)
17,213
(2,722
)
Total comprehensive (loss) earnings $
(5,671
)
$
(9,666
)
$
2,434
$
(22,219
)
$
(6,600
)
Diluted weighted average common shares
31,144
21,523
21,359
23,918
21,332
Diluted (loss) earnings per share $
(0.38
)
$
(0.62
)
$
0.15
$
(1.65
)
$
(0.22
)
Net loss for the year ended December 31, 2022 increased to $39.4
million as compared to $3.9 million for the year ended December 31,
2021. The year over year increase in net loss was primarily due to
a $59.0 million decrease in gain on sale of loans, net, coupled
with a $2.9 million decrease in other income, which was partially
offset by a $25.1 million decrease in operating expenses. The sharp
and unexpected decline in gain on sale of loans, net reflects the
intense pressure on mortgage originations due to the dramatic
collapse of the mortgage refinance market and the weakening
mortgage purchase market, which has suffered from a lack of housing
inventory and significant increase in mortgage interest rates
resulting in customer affordability issues. The increase in
interest rates which began in the fourth quarter of 2021 caused a
significant increase in credit spreads, which accelerated through
the fourth quarter 2022, resulting in a substantial over supply of
low coupon originations causing a severe decline in margins and
diminishing capital market distribution exits for originators
reliant upon an aggregation execution model. To mitigate the risks
associated with reduced distribution exits and extended settlement
timelines, we began pulling back on production, significantly
increasing the pricing on our loan products as well as completely
shifting to best-efforts delivery for non-agency production in the
first quarter of 2022. As a result, origination volumes decreased
significantly during 2022. For the year ended December 31, 2022, we
originated $693.7 million of loans as compared to $2.9 billion of
loans originated during the same period in 2021. During the year
ended December 31, 2022, margins were 91 bps as compared to 225 bps
during the same period in 2021.
Other income decreased $2.9 million to $8.1 million for the year
ended December 31, 2022, primarily due to a $3.6 million reduction
in trust gains and net interest (expense) income collectively,
which was the result of the sale of the legacy securitization
portfolio during the first quarter of 2022, and which was in turn
offset by a $659 thousand increase in fair value of our long-term
debt. Offsetting the decreases in total revenues and other income
was a $25.1 million decrease in operating expenses during 2022
primarily due to a reduction in variable compensation commensurate
with reduced originations as well as a reduction in headcount to
support reduced volume.
Total expenses decreased to $56.1 million for the year ended
December 31, 2022 compared to $81.2 million for the comparable
period 2021. Personnel expense decreased $22.1 million to $30.7
million for the year ended December 31, 2022 as compared to $52.8
million in the same period in 2021. The decrease in personnel
expense was primarily related to a reduction in variable
compensation, as well as a reduction in headcount to support
reduced volume as compared to the same period in 2021. Average
headcount decreased 37% to 210 for the year ended December 31, 2022
as compared to 335 for the same period in 2021.
General, administrative and other expenses decreased to $15.7
million for the year ended December 31, 2022 compared to $16.8
million for the same period in 2021. The decrease in general,
administrative and other expenses was the result of an $1.7 million
decrease in data processing, professional fees and general
administrative and other expense all related to a reduction in
fundings during the period. Partially offsetting the decline in
general, administrative and other expenses was a $348 thousand
increase in legal fees associated with the exchange offer we
completed in the fourth quarter for our then outstanding Series B
Preferred Stock and Series C Preferred Stock and a $215 thousand
increase in common area maintenance (CAM) expense primarily related
to a true up of prior and current year maintenance for the
corporate headquarters.
Occupancy expense increased to $5.3 million for the year ended
December 31, 2022 compared to $4.2 million for the same period in
2021. The increase in occupancy expense was primarily due to the
modification and early termination of the Company’s corporate
office. On December 15, 2022, Impac Funding Corporation (IFC) a
wholly-owned subsidiary of the Company, and Jacaranda Holdings, LLC
(the Landlord), entered into a Lease Termination Agreement (the
Termination Agreement) relating to the lease (the Lease) for the
Company’s primary executive, administrative and operations offices
located at 19500 Jamboree Road, Irvine, California (the Premises).
The Lease, as amended, was originally entered into in March 2005,
and the Premises consisted of approximately 120,000 sq. ft.
Pursuant to the Termination Agreement, IFC and Landlord agreed to
terminate the Lease on January 31, 2023, in lieu of the Lease’s
original expiration date of September 30, 2024. In accordance with
the terms of the Termination Agreement, on December 16, 2022, IFC
paid to Landlord the termination consideration of $3.0 million
among other required action items. As a result of the Termination
Agreement, the Company accounted for the termination as a lease
modification, recording an additional $970 thousand of occupancy
expense in December 2022 related to the modification, with an
additional $1.2 million in occupancy expense occurring in January
2023, when the Premises was vacated. Additionally, during the first
quarter of 2022, the Company recorded a $123 thousand right of use
(ROU) asset impairment charge related to the sublease of
approximately 1,900 sq. ft. of a floor within the Company’s
previous corporate office, reducing the carrying value of the lease
asset to its estimated fair value.
Business promotion decreased $3.0 million to $4.4 million for
the year ended December 31, 2022 compared to $7.4 million for the
comparable period in 2021. Business promotion previously remained
low as a result of the prior more favorable interest rate
environment requiring significantly less business promotion to
source leads. Beginning in second quarter of 2021, we began to
increase our marketing expenditures in an effort to more directly
target NonQM production in the retail channel, expand production
expansion outside of California and maintain our lead volume as
competition increased. Due to the dislocation within the NonQM
market based on the significant increase in interest rates,
starting in the second quarter of 2022 and continuing through the
end of 2022, we reduced our marketing spend as we pulled back on
our origination volumes to mitigate the aforementioned risks
associated with the current market environment. Although we
continue to source leads through digital campaigns, which we
believe allows for a more cost-effective approach, the recent
competitiveness among other lenders for NonQM production within the
California market has driven up advertising costs.
Origination Data (in millions)
Total
Originations
Q4 2022
Q3 2022
%
Q4 2021
%
Retail
$7.0
$33.1
-79%
$497.3
-99%
Wholesale
$14.5
$28.9
-50%
$262.1
-94%
Total Originations
$21.5
$62.0
-65%
$759.4
-97%
Total Originations
YE 2022
YE 2021
%
Retail
$422.0
$2,318.3
-82%
Wholesale
$271.7
$585.1
-54%
Total Originations
$693.7
$2,903.4
-76%
NonQM Originations
YE 2022
YE 2021
%
Retail
$199.5
$191.9
4%
Wholesale
$263.0
$491.7
-47%
NonQM Originations
$462.5
$683.6
-32%
For the year ended 2022, total originations were $693.7 million
as compared to $2.9 billion in 2021. Retail originations
represented the largest channel of originations with 61%, or $422.0
million, of total originations in 2022, which was down from 80% of
total originations, or $2.3 billion, in 2021. The decrease in
originations as compared to 2021, was due to the continued increase
in interest rates which began in the fourth quarter of 2021,
resulting in a reduction in purchase loans due to a decrease in
home purchase affordability and in refinance volume due to the
number of loans that had previously refinanced during the preceding
historically low interest rate environment. While we began to shift
our origination focus away from more rate and margin sensitive
conventional originations during the first quarter of 2021, the
increase in interest rates which began in the fourth quarter of
2021 and accelerated throughout 2022, resulted in a significant
increase in credit spreads which further resulted in a substantial
oversupply of low coupon originations causing a severe decline in
margins and diminished capital market distribution exits for
originators reliant upon an aggregation execution model. To
mitigate the risks associated with reduced distribution exits and
extended settlement timelines, we began to pull back on production,
significantly increasing the pricing on our loan products as well
as completely shifting to a best-efforts delivery for non-agency
production in the first quarter of 2022, which significantly
reduced our origination volumes during 2022 as compared to 2021. We
continue to manage our headcount, pipeline and capacity to balance
the risks inherent in an aggregation execution model.
During the fourth quarter of 2021, we originated $382.1 million
in NonQM loans and were on pace to exceed our fourth quarter 2021
NonQM originations during the first quarter of 2022, prior to the
dislocation in NonQM pricing as a result of widening credit
spreads. As described above, as a result of the market dislocation
we backed off NonQM production in the latter half of the first
quarter of 2022 with NonQM originations decreasing to $18.4 million
in the fourth quarter of 2022 down from $314.3 million during the
first quarter of 2022, and down from $382.1 million during the
fourth quarter of 2021. For the year ended December 31, 2022, NonQM
originations decreased to $462.5 million, or 67% of total
originations, as compared to $683.6 million, or 24% of total
originations, for the year ended December 31, 2021. The increase in
the percentage NonQM originations is the result of the dramatic
decline in conventional originations in 2022 as a result of the
aforementioned intense pressure on mortgage originations due to the
dramatic collapse of the mortgage refinance market and the
weakening mortgage purchase market.
In 2022, our NonQM originations had a weighted average Fair
Isaac Corporation credit score (FICO) of 738 and a weighted average
LTV ratio of 67%. In 2021, our NonQM originations had a weighted
average FICO of 747 and a weighted average LTV ratio of 65%. In
2022, the retail channel accounted for 43% of NonQM originations
while the TPO channels accounted for 57% of NonQM production. In
2021, the retail channel accounted for 28% of NonQM originations
while the TPO channels accounted for 72% of NonQM production.
We believe the quality, consistency and performance of our NonQM
originations has been demonstrated through the previous issuance of
21 securitizations since 2018, whereby our originations were
represented as the largest originator in over half of the deals and
represented no less than the third largest originator in the other
deals. Four of the 21 securitizations were 100% backed by NonQM
collateral from the Company with the senior tranches receiving AAA
ratings.
In December 2022, we sold $68.0 million of our government
insured mortgage servicing rights (MSRs) for approximately $725
thousand, receiving $508 thousand in proceeds upon sale, with the
remaining proceeds received in 2023 upon transfer of the servicing
and transfer of all trailing documents. As a result of the sale, we
were not servicing mortgage loans at December 31, 2022 as compared
to a mortgage servicing portfolio of $71.8 million at December 31,
2021. The servicing portfolio generated net servicing fees of $63
thousand for the year ended December 31, 2022, as compared to net
servicing expense of $432 thousand for the year ended December 31,
2021, as a result of the small unpaid principal balance (UPB) of
the servicing portfolio during the year.
Real estate services fees, net are generated from our former
long term mortgage portfolio. We provide portfolio loss mitigation
and real estate services including real estate owned (REO)
surveillance and disposition services, default surveillance and
loss recovery services, short sale and real estate brokerage
services, portfolio monitoring and reporting services.
Additionally, as previously noted, in March 2022, we sold our
residual interest certificates, and assigned certain optional
termination and loan purchase rights which entails the entire
legacy securitization portfolio within our long-term mortgage
portfolio. As a result, it is our expectation that the real estate
services fees, net, generated from the long-term mortgage portfolio
will decline in future periods as the securitizations are called or
collapsed by the purchaser. For the year ended December 31, 2022,
real estate service fees, net, were $1.1 million as compared to
$1.1 million for the year ended December 31, 2021. For the year
ended December 31, 2022, the real estate services segment posted a
loss before income taxes of $292 thousand as compared to a loss
before income taxes of $265 thousand for the year ended December
31, 2021.
As of December 31, 2022, the Company had unrestricted cash and
cash equivalents of $25.9 million, and $9.4 million in unencumbered
loans. In the first quarter of 2023, as part of the Coronavirus
Aid, Relief, and Economic Security Act of 2020 (CARES), the Company
filed for $7.3 million of employee retention credit, which is
expected to be received by the end of 2023.
Recent Updates
In line with our expense management strategies, in addition to
the lease termination in January, we repositioned our retail
consumer direct channel, CashCall Mortgage (CCM) to be a mortgage
broker rather than a direct lender at the end of 2022 and into
2023. As noted in previous years, our government-sponsored
enterprise (GSE) loan originations were sold directly through
aggregators. While we remain in good standing with our aggregator
partners, the cost to produce retail loans in light of the rising
rate environment and severe margin compression felt across the
residential mortgage industry proved challenging, resulting in
lower origination volumes and higher cost to produce throughout
2022. We believe that the broker fulfillment model has many
strengths including a reduced expense load associated with
personnel, operational and technology support, and reduced
marketing needs due to organic lead volume generated by the CCM
brand. Broker fulfillment also supports a broader product offering
to CCM consumers, allowing the Company to move away from the
expense and complexity of managing multiple lending products with
support from several departments. We believe adopting a more
cost-effective origination strategy is essential to managing the
overall monthly expense load of the retail channel while also
driving revenue across a broad spectrum of product offerings to
consumers.
Additionally, given our lack of conventional GSE origination
volume and servicing rights over the past several years, with no
direct GSE deliveries to Fannie Mae or Freddie Mac since 2016 and
2020, respectively, we intend to voluntarily relinquish our GSE
Seller/Servicer designation which have been suspended during these
periods of non-delivery. We expect to be a third-party originator
with both GSEs to support our broker model as needed.
Our wholesale channel continued to experience significant volume
and margin deterioration during the latter half of 2022, and into
2023. The continued volatility experienced with the NonQM market
associated with liquidity, product offerings, expansive credit to
meet consumer demand, and rising rates have all proven to be a
considerable hindrance to maintaining a profitable channel in the
wholesale space. It is our belief that the market conditions and
projections will not improve in the near term, and as a result, in
the first quarter of 2023, the Company decided to wind down
operations within its wholesale channel until market conditions
improve. With minimal active loans in the pipeline, the Company had
no outstanding warehousing or counterparty obligations associated
with its wholesale activity. At December 31, 2022, we did not renew
our $25.0 million warehouse facility, thereby further reducing
warehouse capacity to $16.0 million with one counterparty.
As noted above, the Company intends to remain focused on serving
consumers through its retail channel, exclusively through a broker
model fulfillment strategy until market conditions improve to
support other opportunities in the direct and/or wholesale lending
space.
In the fourth quarter of 2022, the Company completed the
exchange offers and redemption of its outstanding Series B
Preferred Stock and Series C Preferred Stock. In connection with
the consummation of those transactions and final dispositions in
the Company’s Curtis J. Timm, et al. v Impac Mortgage Holdings,
Inc. litigation, the Company issued an aggregate of 34,684,686
shares of its 8.25% Series D Cumulative Redeemable Preferred Stock,
par value $0.01 per share, 15,066,038 shares of its Common Stock,
warrants to purchase an additional 2,107,618 shares of Common
Stock, and cash of approximately $1.2 million which was payable as
outstanding dividends for three (3) quarters in 2009 on its Series
B Preferred Stock.
Summary Balance Sheet
December 31,
December 31,
(in thousands, except per share data)
2022
2021
ASSETS Cash $
25,864
$
29,555
Mortgage loans held-for-sale
13,052
308,477
Mortgage servicing rights
-
749
Securitized mortgage trust assets
-
1,642,730
Other assets
21,415
41,260
Total assets $
60,331
$
2,022,771
LIABILITIES & STOCKHOLDERS' EQUITY Warehouse
borrowings $
3,622
$
285,539
Debt
42,753
66,536
Securitized mortgage trust liabilities
-
1,614,862
Other liabilities
25,559
45,898
Total liabilities
71,934
2,012,835
Total equity
(11,603
)
9,936
Total liabilities and stockholders’ equity $
60,331
$
2,022,771
Book value per share $
(0.32
)
$
0.47
Tangible Book value per share $
(0.32
)
$
0.47
Mr. George A. Mangiaracina, Chairman and CEO of Impac Mortgage
Holdings, Inc., commented, “On March 8th of last week, the Company
issued a business update discussing how it has proactively adjusted
its strategy to navigate market and industry conditions, including
a pivot in its business model and an aggressive expense reduction
initiative. We believe the events of the recent week evidence an
accelerating deterioration of market conditions and operating
environment. The residential mortgage market has been challenged by
adverse macro-economic conditions ushered in by rate and credit
dislocation that commenced in the fourth quarter of 2021.
Non-transitory inflation and Fed tightening, coupled with widening
credit spreads, has reduced the addressable market for our product
offerings. Despite competitor consolidation and closures, excess
industry origination capacity remains, evidenced by participants
pricing to decreased net margins in pursuit of market share. The
Company has no intention of engaging in systematic, non-economic
activities. The Company has no visibility as to when these
dislocations will abate and return the industry to normalized
volumes and margins. We believe the proactive initiatives that the
Company undertook in 2022 and early 2023, have aligned the
stakeholders of the Company’s capital stack and reduced its overall
operating expense load. These accomplishments continue the theme of
eliminating complexity and reducing costs from the Company’s
corporate and operating verticals, thus permitting the Company to
focus on complimentary strategic ventures, adjacent revenue
opportunities and attendant capital raise and corporate finance
activities.”
Non-GAAP Financial Measures
This release contains adjusted earnings (loss) and per share as
performance measures, to supplement our consolidated financial
statements, which are prepared and presented in accordance with
generally accepted accounting principles in the United States
(GAAP), we use the following non-GAAP financial measures: adjusted
(loss) before tax and diluted adjusted (loss) per common share
before tax. Adjusted (loss) and diluted adjusted loss per common
share are financial measurements calculated by adjusting GAAP net
(loss) before tax to exclude certain non-cash items, such as fair
value adjustments and mark-to-market of mortgage servicing rights
(MSRs), and legacy non-recurring expenses. We believe adjusted loss
provides useful information to investors regarding our results of
operations as it assists both investors and management in analyzing
and benchmarking the performance and value of our core business of
mortgage lending over multiple periods. Adjusted (loss) facilitates
company-to-company operating performance comparisons by backing out
potential non-cash differences caused by variations in hedging
strategies and changes in valuations for long-term debt and net
trust assets, which may vary for different companies for reasons
unrelated to operating performance, as well as certain historical
cost (benefit) items which may vary for different companies for
reasons unrelated to operating performance. These non-GAAP
financial measures are not intended to be considered in isolation
and should not be a substitute for net (loss) earnings before
income taxes, net (loss) earnings or diluted (loss) earnings per
common share (EPS) or any other operating performance measure
calculated in accordance with GAAP, and may not be comparable to a
similarly titled measure reported by other companies. The tables
below provide a reconciliation of net (loss) before tax and diluted
(loss) per common share to non-GAAP adjusted loss before tax and
non-GAAP diluted adjusted loss per common share:
For the Three Months
Ended
For the Year Ended
Adjusted Earnings (Loss)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
(in thousands, except per share data)
(Loss) earnings before income taxes: $
(11,776
)
$
(13,006
)
$
3,590
$
(39,394
)
$
(3,807
)
Change in fair value of mortgage servicing rights
138
(223
)
(32
)
(317
)
(221
)
Change in fair value of long-term debt
430
435
(1,459
)
(2,757
)
(2,098
)
Change in fair value of net trust assets, including trust REO
(losses) gains
—
—
(7,284
)
(9,248
)
(6,582
)
Legacy corporate-owned life insurance (1)
225
177
166
(257
)
330
Adjusted loss before tax $
(10,983
)
$
(12,617
)
$
(5,019
)
$
(51,973
)
$
(12,378
)
Diluted weighted average common shares
31,144
21,523
21,359
23,918
21,332
Diluted adjusted loss per common share before tax $
(0.35
)
$
(0.59
)
$
(0.23
)
$
(2.17
)
$
(0.58
)
For the Three Months
Ended
For the Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2022
2022
2021
2022
2021
Diluted (loss) earnings per common share $
(0.38
)
$
(0.62
)
$
0.15
$
(1.65
)
$
(0.22
)
Adjustments: Cumulative non-declared dividends on preferred stock
—
0.02
0.02
—
0.04
Change in fair value of mortgage servicing rights
0.01
(0.01
)
—
(0.01
)
(0.01
)
Change in fair value of long-term debt
0.01
0.01
(0.07
)
(0.11
)
(0.10
)
Change in fair value of net trust assets, including trust REO gains
(losses)
—
—
(0.34
)
(0.39
)
(0.31
)
Legacy corporate-owned life insurance
0.01
0.01
0.01
(0.01
)
0.02
Diluted adjusted loss per common share before tax $
(0.35
)
$
(0.59
)
$
(0.23
)
$
(2.17
)
$
(0.58
)
Conference Call
The Company will hold a conference call on March 16, 2023, at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the
Company’s financial results and business outlook and answer
investor questions. After the Company’s prepared remarks,
management will host a Q&A session. To submit questions, please
email your questions to Justin.Moisio@ImpacMail.com. Investors may
participate in the conference call by dialing (800) 715-9871
conference ID number 3840699 or accessing the webcast via our
website at http://ir.impaccompanies.com. Dial-in 15 minutes prior
to the scheduled start time to participate in the conference call.
The conference call will be archived on the Company's website at
http://ir.impaccompanies.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements, some of which are based on various assumptions and
events that are beyond our control, may be identified by reference
to a future period or periods or by the use of forward-looking
terminology, such as “may,” “capable,” “will,” “intends,”
“believe,” “expect,” “likely,” “potentially,” “appear,” “should,”
“could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,”
“desire,” or similar terms or variations on those terms or the
negative of those terms. The forward-looking statements are based
on current management expectations. Actual results may differ
materially as a result of several factors, including, but not
limited to the following: any adverse impact or disruption to the
Company’s operations; changes in general economic and financial
conditions (including federal monetary policy, interest rate
changes, and inflation); increase in interest rates, inflation, and
margin compression; ability to successfully implement and maintain
a broker model; ability to successfully sell loans to third-party
investors; successful development, marketing, sale and financing of
new and existing financial products; volatility in the mortgage
industry; performance of third-party sub-servicers; our ability to
manage personnel expenses, operational and technology support, and
reduced marketing needs; our ability to successfully use
warehousing capacity and satisfy financial covenants; our ability
to maintain compliance with the continued listing requirements of
the NYSE American for our common stock; increased competition in
the mortgage lending and broker industry by larger or more
efficient companies; issues and system risks related to our
technology; ability to successfully create cost and product
efficiencies through new technology including cyber risk and data
security risk; more than expected increases in default rates or
loss severities and mortgage related losses; ability to obtain
additional financing through lending and repurchase facilities,
debt or equity funding, strategic relationships or otherwise; the
terms of any financing, whether debt or equity, that we do obtain
and our expected use of proceeds from any financing; increase in
loan repurchase requests and ability to adequately settle
repurchase obligations; the outcome of any claims we are subject
to, including any settlements of litigation or regulatory actions
pending against us or other legal contingencies; impact on the U.S.
economy and financial markets due to the continued effect of the
COVID-19 pandemic; and compliance with applicable local, state and
federal laws and regulations.
For a discussion of these and other risks and uncertainties that
could cause actual results to differ from those contained in the
forward-looking statements, see our latest Annual Report on Form
10-K and Quarterly Reports on Form 10-Q we file with the SEC and in
particular the discussion of “Risk Factors” therein. This document
speaks only as of its date and we do not undertake, and expressly
disclaim any obligation, to release publicly the results of any
revisions that may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements except as required
by law.
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative
mortgage lending and real estate solutions that address the
challenges of today’s economic environment. Impac’s operations
include mortgage lending, servicing, portfolio loss mitigation,
real estate services, and the management of the securitized
long-term mortgage portfolio, which includes the residual interests
in securitizations.
For additional information, questions or comments, please call
Justin Moisio, Chief Administrative Officer at (949) 475-3988 or
email Justin.Moisio@ImpacMail.com. Website:
http://ir.impaccompanies.com or www.impaccompanies.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230316005560/en/
Justin Moisio Chief Administrative Officer (949) 475-3988
Justin.Moisio@ImpacMail.com
Impac Mortgage (AMEX:IMH)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 5월(5) 2024
Impac Mortgage (AMEX:IMH)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024